ECO439/1450H1 Methods for Empirical Microeconomics
This course is directed at graduate students conducting research in the “applied micro†fields, especially (but not exclusively) labour, development, and public economics. While it has a labour course number, this is not purely a labour economics course: it is a course in empirical modeling and applied econometrics. The tools covered in the course, however, are central to those used in empirical labour economics, as well as other applied microeconomics fields like development and public economics. The focus will be on the identification of casual relationships using regression-based analysis. Empirical examples will be drawn from recent work in labour, development, and public economics.
ECO464/1502H1 Empirical Financial Economics
ECO463/1510H1 Financial Market Innovation
ECO421/1551H1 Topics in Financial Risk Management
This course is intended to drill down into details of some important and urgent issues concerning contemporary financial industry. The topics may include: Economic Capital and Stress Testing, Business Performance Measurement, Emerging Capital Markets and Risks, Innovative and Exotic Derivatives in capital Markets and Risks; Asset securitization and Risks; Hedge Funds and Risks. Please note the topics chosen for each term are subject to changes. The instructor will use the real world problems for research projects and case studies required by the course. This would encourage the students to take initiatives in researching, formulating and resolving the issues, reasoning through to obtain buy-in from a panel consisting of industrial practitioners. This is a new course and designed to best equip the participants with the most current knowledge and in-depth understanding in the risk management when entering the mainstream financial institutions.
ECO435/1730H1 The Economics of Modern China
Following an introductory analysis of earlier periods, this seminar will focus on 20th century China as case studies in development economics.
ECO422/1950H1 Special Topics in Economics: Topics in Law and Economics
ECO414/1960H1 Energy and Regulation
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.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.
ECO418/2404H1 Empirical Applications of Economic Theory
This course is concerned with the theoretical specification and estimation of microeconomic relationships and their aggregate counterparts in macroeconomics. Topics include aggregate consumption behaviour, demand systems, investment behaviour, production functions and cost functions, financial modelling and ther topics relevant to the modelling of economic behaviour. Students are required to specify relationships based on economic theory and estimate these based on standard econometric techniques.
ECO462/2411H1 Financial Econometrics
This course provides an introduction to the econometrics used in empirical finance. Topics will include parametric and nonparametric models of volatility, evaluation of asset pricing theories, and models for risk management, and transactions data. The course will emphasize estimation and inference using computer-based applications.
ECO434/2650H1 Political Economy
When is it impossible (and when is it possible) for institutions to generate a socially desirable outcome? Why do people vote and how do their motives influence who wins office? How does a jury deliberate and what affects the process through which it reaches an agreement? In this course, we will explore ideas that shed light on these questions and others by focusing on collective decision making and the effects of institutional design on policy outcomes. In the first part, we will take a formal approach to social choice theory--how individual preferences are aggregated to form a collective preference and determine a collective decision. In the second part of the course, we will discuss recent theoretical and empirical work that analyzes the interactions among individual preferences, institutions and outcomes in settings such as elections, government and courts.
ECO421/4050H1 Special Topics in Economics: Capital Markets, (in)efficiencies, and (ir)rationality
This course in financial microeconomics assesses capital-market efficiency and equilibrium predictions in light of uncertainty, market design, agent behaviour and market microstructure. Starting with fundamental questions such as why markets and firms are organized as they are, we identify consistent conflicts of interest in capital markets amongst individuals, groups, organizations and exchanges. Ultimately, we investigate questions such as when and if asset prices accurately reflect information and whether seemingly irrational participant behaviour can be rationalized. To address these questions, we use a combination of theoretical and empirical approaches taking the perspectives of both the academic and the practitioner. A previous course addressing asset valuation is helpful but not required.
ECO480/4051H1 Special Topics: Machine learning and data mining
Many important economic questions remain unanswered, partly because the data necessary to address them is encoded into high-dimensional data structures such as text or images. Applied economists have become increasingly interested in using machine learning models to transform these data into simpler representations, which can be used as inputs for subsequent economic analysis. After introducing statistical learning, this course provides a comprehensive understanding of some of the most capable supervised learning models including random forest, gradient boosted trees, or neural network architectures to make sense of these complex forms of data and perform original economic analysis. From a strong base in theory and mathematical formalisation, focus is kept on intuition and effective implementation using Python.
Preliminary Courses
ECO1010H1 Mathematics and Statistics for MA and MFE Students
This course provides MA and MFE students with a review of key mathematical and statistical techniques for master's level coursework. The Math portion focuses on constrained and unconstrained static optimization, the envelope theorem, and matrix algebra. The statistics portion focuses on probability theory, random variables, probability and cumulative distribution functions, central limit theorems, and regression analysis. This is a Credit/No Credit course. To pass the course, students must pass 3 tests given at the end of each week.
ECO416/1102H1 Macroeconometric Models for Policy Analysis and Forecasting
The course examines macroeconometric models and their applications in impact and policy analysis and in longer-term forecasting. Detailed examination is made of the macroeconometric model maintained at the University of Toronto and students gain 'hands-on' experience in its construction and use through two major required assignments (there is no exam). A recent long-term forecast developed with the model at the University will also be examined. The course also studies the various important criticisms of macroeconometric models and briefly surveys alternative macroeconomic forecasting methods.
ECO1320H1 International Trade Regulation
This course, offered jointly with the Faculty of Law, will explore the regulatory framework governing international trading relations. The following topics will be examined: international economic institutions, the Bretton Woods System, the GATT, international regulation of tariffs, national tariff administration, the principles of nondiscrimination (most-favoured nation and national treatment) with a special focus on the case for bilateral Canada-U.S. free trade, antidumping regulation, subsidies and countervailing duties, safeguards, voluntary export restraints, and adjustment assistance. The course will strongly emphasize the institutions and political economy of international trading relations and how economic and political forces have shaped current regulatory policies and may shape future policies.
ECO1450H1 Methods for Empirical Microeconomics
This course is directed at master's students interested in the “applied micro†fields, especially (but not exclusively) labour, development, and public economics. While it has a labour course number, this is not purely a labour economics course: it is a course in empirical modeling and applied econometrics. The tools covered in the course, however, are central to those used in empirical labour economics, as well as other applied microeconomics fields like development and public economics. The focus will be on the identification of casual relationships using regression-based analysis. Empirical examples will be drawn from recent work in labour, development, and public economics.
ECO1502H1 Empirical Financial Economics
The course covers cutting-edge research papers in finance with the aim of showing students the neatest, most interesting pieces of empirical work that define our current knowledge of the field. The course has two goals. First, to equip students with the tools required to conduct empirical research in finance. Second, to present the most recent empirical facts in various areas of finance. Accordingly, in each lecture we will study both an empirical method, some examples of how it is applied in one field of finance, and the state of the empirical literature in that field. The methods covered include measures of abnormal performance, instrumental variables, differences-in-differences, regression discontinuity, propensity score estimators, and sample selection models.The topics we will focus on are ownership structure, mergers and acquisitions, capital structure, insider trading, shareholder activism, CEOs’ effect on the firm, and executive compensation.
ECO1550H1 Economics of Risk Management
ECO2010H1 Mathematics and Statistics for PhD Students
The first half of the course reviews material that is useful in doctoral courses. The material covered includes (1) mathematical and statistical background concepts (matrix algebra, probability theory, random variables, and distributions), (2) core elements of statistical inference (estimation and testing), (3) analysis in vector spaces (metric and normed vector spaces with associated linear algebra).
The second half of the course concentrates on optimization theory necessary for microeconomic theory and macroeconomic theory. It starts with static optimization theory, and then focuses on optimal control theory and dynamic programming. The stochastic counterparts of the latter techniques are mentioned only briefly. The three basic references for the course are (1) A.K. Dixit, 1990, "Optimization in Economic Theory", second edition, Oxford University Press (in paperback); (2) N.L. Stokey, R.E. Lucas, Jr., with E.C. Prescott, 1989, "Recursive Methods in Economic Dynamics", Harvard University Press (Chapters 3, 4, 5, 6); and (3) T.J. Sargent, 1987, "Macroeconomic Theory", second edition, Academic Press (Chapters 9 and 11).
NOTE: In exceptional circumstances, a regular stream MA student may be permitted to take this course. In these cases, written permission from the Associate Chair for Graduate Studies is required PRIOR to the start of the course.
ECO2104H1 Quantitative Macroeconomics
ECO2804H1 Social Economics
A. Core Courses in Economic Theory
ECO1100H1 Economic Theory - Macro
The objective of the course is to introduce students to the analysis of macroeconomics at the graduate level, with attention to the role of credibility and other current developments. The course emphasizes applied issues, such as the potential role for stabilization policy.
ECO1200H1 Economic Theory - Micro
This course covers the core tools of microeconomic analysis beginning at the level of the individual agent. Topics include consumer and producer theory, choice under uncertainty, general equilibrium, and game theory.
ECO2100H1 Macroeconomic Theory I (PhD)
This course provides a rigorous introduction to the tools and basic models of dynamic general equilibrium.
ECO2101H1 Macroeconomic Theory II (PhD)
This course provides an in-depth presentation of a small number of recent research topics in macro. In recent years, topics have included growth theory, dynamic Ramsay taxation, search and bargaining, efficiency wage models, and empirical research on consumption and asset-pricing.
ECO2105H1 Applied Macroeconomics
This tutorial is designed for direct-entry PhD students and MA students who are enrolled in ECO2100H and ECO2101H. (Co-requisites: ECO2100H and ECO2101H).
ECO2200H1 Microeconomic Theory I (PhD)
This course provides a comprehensive treatment of theories of consumer behaviour, production, competitive market equilibrium, general equilibrium and welfare.
ECO2201H1 Microeconomic Theory II (PhD)
This course provides a comprehensive treatment of game theory, the economics of uncertainty and information, the theory of incentives and the analytics of institutions.
ECO2205H1 Applied Microeconomics
This tutorial is designed for direct-entry PhD students and MA students who are enrolled in ECO2200H and ECO2201H. (Co-requisites: ECO2200H and ECO2201H)
B. Advanced Microeconomic Theory and Mathematical Economics
ECO3200H1 Advanced Microeconomic Theory I
This course deals with advanced and contemporary topics in economic theory. The topics may include general equilibrium theory, game theory and applications, economic dynamics, utility theory and the economics of uncertainty and information.
ECO3201H1 Advanced Microeconomic Theory II
This course deals with advanced and contemporary topics in economic theory. The topics may include general equilibrium theory, game theory and applications, economic dynamics, utility theory and the economics of uncertainty and information.
ECO3202H1 Topics in Microeconomic Theory
This course presents standard analytical tools in the theory of contracts, in both moral hazard problems and in screening problems, and provides a range of applications. Topics in moral hazard problems include moral hazard in teams, information acquisition in groups, dynamic principal-agent problems, dynamic team competition, and renegotiation of risk-sharing. Topics in screening problems include nonlinear pricing, sequential screening, resource allocation with multiple agents, strategic information aggregation, renegotiation in dynamic screening.
C. History of Economic Thought
ECO2004H1 The History of Economic Thought
This course will focus on the evolution of economics in the first six decades of the twentieth century, a period after which many of the newly developed methods of analysis are still often in use and hardly history. After an introduction, it will begin with lectures on economics after the diffusion of the so-called marginal revolution - the economics of Alfred Marshall, Knut Wicksell and Irving Fisher. It will continue discussing topics/problems arising from this corpus - e.g. increasing returns and the imperfect competition 'revolution' in microeconomics; the Keynesian 'revolution' in macroeconomics; capital theory and business cycle theory in the interwar period - and these deveolopments themselves - e.g. the neoclassical synthesis in the post-war period. Depending on student interests it will consider some of the 'applied' fields - international economics, econometrics. The economists covered will include Allyn Young, Joan Robinson, E.M. Chamberlin, A.C. Pigou, D.H. Robertson, J.M. Keynes, Friedrich Hayek, Lionel Robbins, J.R. Hicks, Abba Lerner, James Meade, Nicholas Kaldor, Roy Harrod, Evsey Domar, Paul Samuelson, Milton Friedman, Don Patinkin.
ECO2006H1 Topics in the History of Economic Thought
In recent years, this course has examined the development of economic anlaysis from 1920 - c.1970, focussing on how economics has evolved from what it was by the early 20th century to the point where the methods of analysis are still in use and are not (yet) history. It begins with the economics of Alfred Marshall, Knut Wicksell, Irving Fisher - and some of the connections between the diverse developments that followed. Among the topics covered are, for example, the problem of increasing returns, the imperfect competition 'revolution' in microeconomics, the 'Keynesian' revolution in macroeconomics, business cycle theory and capital theory in the interwar years, the origins and early uses of econometrics, the postwar neoclassical synthesis, the rise of monetarism, international economics before and after WW II, etc. The economists whose work may thus be covered include Allyn Young, Jacob Viner, Joan Robinson, E.H. Chamberlin, A.C. Pigou, D.H. Robertson, J.M. Keynes, Lionel Robbins, Friedrich Hayek, J.R. Hicks, Jan Tinbergen, Nicholas Kaldor, Abba Lerner, Paul Samuelson, Milton Friedman, Don Patinkin and Harry Johnson .
D. Economic History
ECO2750H1 Topics in North American Economic History
This course surveys North American economic history from the early 19th century to the present. We will use tools in economics to explore research questions in economic history that are especially informative in analysis of current economic events. Topics will include, but are not limited to, the following: immigration, fertility, financial crises, income inequality over the twentieth century, slavery and its aftermath, health and demography; and technological change. Methods discussed will include the following: econometric methods used with historical datasets; assembly of large microdata; matching individuals across administrative datasets; and strategies for archival research.
E. International Economics
ECO1301H1 International Financial Markets
This course develops the principles of international finance to gain an
understanding of exchange rate dynamics and recent events in both developed
and emerging economies. But, the dynamics of foreign exchange markets are
not the only distinguishing feature of international financial markets.
Institutions differ, and opportunities for portfolio and risk
diversification are greater. Topics treated include: foreign exchange
microstructure; the determination of nominal exchange rates; pricing of and
trading in the spot and the forward foreign exchange; foreign-exchange
options and currency swaps; theory and practice of the Euromarket funding
and lending; sovereign debt crises; speculative attacks and liquidity
crises; globalization.
ECO2302H1 Networks in Trade and Macroeconomics
This course offers an introduction to the modeling and empirical analysis of networks in economics, with a focus on topics relevant to the fields of international trade and macroeconomics. Topics covered will include: basics of graph theory; statistical network models; endogenous production network models; networks and aggregate fluctuations; learning and information diffusion in networks.
ECO2305H1 Topics in International Finance
This course is aimed at graduate students intending to do research in international finance or related areas, and wanting to understand thoroughly those models. The course will be theoretical, rather than empirical, but it should provide a basis for subsequent applied work. Students will work rigorously through several key models that are the subject of active research in the following areas: currency crisis and contagion, international policy coordination, regional currencies, and sovereign lending and conditionality.
ECO3300H1 International Trade Theory
The course develops the theory of international trade with emphasis on the structure of general equilibrium, the foundations of comparative advantage, determinants of the pattern of trade, the gains and losses from trade, trade impacts on the domestic and international distributions of income, commercial policy, and trade in a dynamic world. Throughout, careful attention is given to empirical evidence.
ECO3301H1 International Trade II
ECO3304H1 International Monetary Theory
The goal of the course is to provide an understanding of selected topics of current academic research in the areas of international macroeconomics and international finance. Topics covered include: the intertemporal approach to the current account; international business cycle models, international risk sharing and capital flows; monetary exchange rate models; and macroeconomic policy in open economies.
F. Econometrics
ECO1400H1 Econometrics
This course covers the development and application of statistical techniques in testing economic theory. It focuses on parameter estimation and hypothesis testing within the framework of the classical linear regression model, and on the analysis of the problems which arise when the basic assumptions are violated. Considerable attention is devoted to applications of the techniques.
ECO2400H1 Econometrics I (PhD)
This course is devoted to a review of introductory mathematical statistics. Parameter estimation and hypothesis testing are discussed from both the Bayesian and classical standpoints. In the second half these techniques are applied to the standard linear regression model. While this course is primarily theoretically oriented, empirical implementation is addressed in computer homework assignments directed toward applied economic problems.
ECO2401H1 Econometrics II (PhD)
This course develops the conventional econometric tools of the applied economist. Subjects covered include general least squares and its application (e.g. heteroscedasticity, autocorrelation, multivariate regression, mixed estimation), ARCH and GARCH models, asymptotic distribution theory, models where right hand side variables are correlated with residuals (e.g. errors in variables, simultaneity), GMM estimation, simultaneous equation models, basic elements of time series analysis (ARIMA and VAR models, cointegration), duration data and hazard function models and panel data models. Additional topics which may be covered include an introduction to the bootstrap and limited dependent variable models.
ECO2404H1 Empirical Applications of Economic Theory
The course covers methods and applications in economic theory and is intended to MA and PhD students. The focus is on structural econometric methods, emphasizing the interactions between economic theory and empirical methods rather than focusing just on the statistical analysis. The applications are at the core of the Empirical Industrial Organization, including estimation of demand functions and static oligopoly models; estimation of production functions; the use of control function methods; and moment inequalities estimators.
ECO2405H1 Applied Econometrics
This tutorial is designed for MA students who are enrolled in ECO2400H and ECO2401H. Co-requisites: ECO 2400 and ECO 2401.
ECO3400H1 Topics in Econometrics
This is a continuation of ECO2400H and ECO2401H, and is designed for specialists in Econometrics. A number of topics not covered in the other courses are considered, and the content varies from year to year depending on the interests of the students and the instructor.
ECO3401H1 Advanced Econometrics
This course will present the factor models in both a static and a dynamic framework.This includes the Singular Value Decomposition(SVD)in the static case as well as the state space modelling of dynamic factor models,and their extensions for large number of observed variables or individuals.Among the applications, the granularity adjustment required in the new Basel 2 regulation for credit risk will be completely derived.
G. Macro and Monetary Economics
ECO1300H1 International Macroeconomics
This course deals with contemporary issues in international monetary economics and macroeconomic policy in open economies, like Canada's. The focus is on forces determining interest rates and exchange rates, inflation and unemployment. Government policy in relation to financial markets will be analysed.
ECO1500H1 Financial Economics I
This course is designed to introduce students to the fundamentals of financial markets and theories of asset pricing. It begins with an examination of asset pricing under certainty which forms the basis for determining the prices of fixed income securities. It then examines individual decision-making under uncertainty which provides the foundation for modern portfolio theory and determining the prices of risky assets. Alternative asset pricing theories investigated include CAPM, APT, CCAPM, and state preference theory.
ECO1501H1 Financial Economics II
This course selects topics in current advanced research in financial economics. Theoretical and empirical models dealing with economic aspects of financial markets, intermediaries, and the financial decisions of firms are examined. Financial systems in developing as well as developed economies are examined.
ECO1551H1 Topics in Risk Management
This is course is intended to drill down into details of some important and urgent issues concerning contemporary financial industry. The topics may include: Economic Capital and Stress Testing, Business Performance Measurement, Emerging Capital Markets and Risks, Innovative and Exotic Derivatives in capital Markets and Risks; Asset securitization and Risks; Hedge Funds and Risks. Please note the topics chosen for each term are subject to changes.
The instructor will use the real world problems for research projects and case studies required by the course. This would encourage the students to take initiatives in researching, formulating and resolving the issues, reasoning through to obtain buy-in from a panel consisting of industrial practitioners. This is a new course and designed to best equip the participants with the most current knowledge and in-depth understanding in the risk management when entering the mainstream financial institutions.
ECO2107H1 Monetary Theory I
The strategy of the course is to examine simple models to explore the importance of money, banks, and other financial institutions in the way economies work. The topics examined in this framework include: role of money, determination of the medium of exchange, effects of inflation, role of banks, control of the money supply, and effect of the National Debt on saving and investment.
ECO2501H1 Monetary Theory II
ECO 2500 and ECO 2501 constitute the core offering in Monetary Theory, and the content of each is determined at the beginning of the session. The major theme is an examination of the relationship between money, prices, economic activity, and welfare. Topics include theoretical and empirical work on the demand for and the supply of money, the definition of money, the term structure of interest rates, efficient capital markets, targets and indicators of monetary policy, nominal interest rates, price expectations, the role of fiscal and monetary policy in economic stabilization, theoretical and empirical research on short-term and long-term Phillips curves. ECO 2500H is a prerequisite for ECO 2501H.)
ECO2502H1 Advanced Monetary Theory
The major theme is the analysis of the role of money, banks, and other payment mechanisms in facilitating the process of exchange. The models covered in this course study economies with explicit frictions for trading goods and services. In this environment, money, banks, and other payment mechanisms play a role in facilitating trade and arise as equilibrium outcomes. The effects of monetary and banking policies will be addressed in the framework of these models.
ECO3100H1 Frontiers in Macroeconomics
This course deals with advanced topics in quantitative macroeconomics.
ECO3101H1 Topics in Macroeconomic Theory
This course aims to familiarize the students with frontier research at the intersection of macroeconomics, finance, and industrial organization both theoretically and empirically, and to provide them with the necessary tools and exposure to come up with novel research ideas and execute them successfully. Particular emphasis will be given to topics such as firm and industry dynamics, innovation, oligopolistic competition, M&A, endogenous growth theory, and structural corporate finance. Technical topics such as continuous time optimization and estimating models using simulations (SMM) and indirect inference will also be covered. Students will have opportunities to present and discuss their research ideas in their personal areas of interest and receive feedback. Additional topics may be covered based on students' interests.
ECO3102H1 Topics in Business Cycles
ECO4051H1 Frontiers in Macroeconomics
This course deals with advanced topics in quantitative macroeconomics.
H. Public Economics
ECO2600H1 Public Economics I
ECO2601H1 Public Economics II
ECO 2600 & ECO 2601 constitute the core offering in Public Finance. The theory of public expenditures will be covered in detail during one term and the theory of taxation during the other term, with briefer looks at selected topics (e.g., fiscal policy, theory of public debt, federal finance).
ECO2606H1 Climate Economics
This course will introduce graduate students to issues in Climate Economics, from the perspectives of Development, Environmental, Labour, Public, Trade, and Urban Economics. It is suitable for MA students and especially PhD students interested in conducting research in the area.
Instructors include the following faculty members: Professors Blown, Heblich, Kroft, McMillan, Morrow, and Souza-Rodrigues.
ECO2611H1 Empirical Welfare Analysis
This course examines the economic theoretical, statistical and practical issues surrounding the empirical analysis of societal economic welfare.
ECO2620H1 Topics in Health Economics
This course explores a variety of topics in health economics and provides an overview of 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 economics. The course is intended for MA and PhD students.
I. Economic Development
JPE1400Y1 The Political Economy of International Development
This course explores the political economy of development strategies within the context of globalization. It focuses on both the neoliberal or market-oriented model and alternative development strategies. Case studies drawn from Latin America, Asia and Africa examine the design, implementation, and performance of the various development models.
ECO1700H1 Economic Development
This course is a broad survey of the field of development economics with attention to general theories of development, key sectors such as agriculture and industry, mechanisms such as financial transfer and technological change, and worries such as the environmental costs of development.
ECO2120H1 Topics in Growth and Development
This course will review some recent research works on the macro aspects of growth and development. It will be concerned with the remarkable differences in per capita income across countries today, the existence of miracles and disasters in economic growth, and more generally, the evolution of world income distribution. The following topics maybe covered in the course: development accounting in one and multi-sector models, structural transformation, heterogeneous firms and aggregate TFP, trade and growth, and the evolution of world income in the long-run.
ECO2701H1 Development Economics I
This course is the first in a two-course sequence in microeconomic development (along with ECO 2703H). The focus is on the application of economic theory, and especially econometrics, to a variety of questions important for understanding household and government behaviour in developing countries. A further purpose is to demonstrate how the analytic techniques used in applied microeconomics can be used to inform public policy in these countries. The material covered draws on (calculus-based) microeconomic theory and econometrics; it is suitable for both MA and PhD students. That said, the emphasis of the course is on the interpretation and evaluation of empirical evidence relevant for the conduct of public policy in developing countries.
ECO2703H1 Development Economics II
This course is concerned with the economic analysis of selected topics in economic development, including patterns of growth, issues of poverty and inequality, land reform, tax design and price reform. The focus is on the application of economic theory, especially statistical analysis, to a variety of questions associated with the conduct of economic policy in developing countries.
J. Labour Economics
ECO2607H1 Economics of Education Policy
ECO2807H1 Economics and Demographics
A research-oriented course exploring the interrelationships between economics and demographic change, both historical and projected, with particular attention to the microeconomic foundations, macroeconomic performance and public policy in areas such as fertility, immigration, interregional migration, education, labour markets, housing, health and pensions. The Canadian experience, with some international comparisons.
ECO3450H1 Advanced Methods for Empirical Microeconomics
ECO3800H1 Labour Economics I
ECO2800F is a core course in labour economics. The course is pitched at the PhD level. Qualified MA students are also welcomed. MA students who are interested in a more public policy oriented labour course should take ECO2801S. ECO 2800F is not a prerequisite for ECO2801S. Both courses are required for PhD students who want to write the field examination in labour economics.
The objective of ECO2800 is to use microeconomics and econometrics to study the labour market. Special attention will be paid to the interaction between economic theory and empirical research. The topics covered will include labour supply, educational attainment, on-the-job training, on-the-job matching, hedonic markets, internal labour markets, and economics of the family.
ECO3801H1 Labour Economics II
The objective of ECO2801 is to present the most recent research in labour economics with a focus on empirical methods, and to discuss how the resulting insights can inform the evaluation of public policy. The topics covered will include job loss and search at the micro and macro level, labor market power and monopsony, firms’ and peers’ impact on wage determination, selection, equalising wage differentials and gender disparities in the labour market. Applications will include public policies addressing pay equity, management practices, immigrant selection mechanisms and the rise in alternative working arrangements.
K. Industrial Organization
ECO1900H1 Industrial Organization and Competition Policy
The field of industrial organization (IO) is applied microeconomics/price theory concerned with the function of markets and the behavior of firms in these markets. In this course the focus is on two primary questions: (i) how do we explain observed behavior, prices or contractual practices by firms operating in markets that are not perfectly competitive? (ii) what is the role of
government intervention in affecting market structure, the behavior of firms, and the efficient operation of markets? Recent developments in IO are both theoretical and empirical. This IO course stresses an understanding of the theory, including extensions and modern developments
and applications of the theory.
ECO2905H1 The Economics of Algorithms
This course explores how algorithms shape markets from an industrial organization perspective. Through empirical studies and theoretical analysis, students will learn about the basics of algorithms and the associated economic tradeoffs. We explore algorithmic pricing, platform economics, algorithmic regulation, and how algorithms affect the labor market, industrial organization, and the information economy.
ECO3900H1 Industrial Organization I
ECO 2900 and ECO 2901 analyze the reasons why imperfect competition exists and the appropriate role of public policy. The first half uses applied micro theory to examine the structure of industry under such topics as the theory of the firm, barriers to entry and strategic entry deterrence, the role of advertising, oligopolistic pricing, and the economics of regulation. The second half applies the theory of organizations and contracts to public policy issues such as the economics of competition policy, analysis of vertical restraints, merger policy and the economics of the patent system.
ECO3901H1 Industrial Organization II
ECO 2900 and ECO 2901 analyze the reasons why imperfect competition exists and the appropriate role of public policy. The first half uses applied micro theory to examine the structure of industry under such topics as the theory of the firm, barriers to entry and strategic entry deterrence, the role of advertising, oligopolistic pricing, and the economics of regulation. The second half applies the theory of organizations and contracts to public policy issues such as the economics of competition policy, analysis of vertical restraints, merger policy and the economics of the patent system.
Other Courses
ECO1060H1 Research Paper
Research Paper provides MA students with the opportunity to undertake original research in Economics with the goal of developing the student’s capacity to effectively engage and contribute to existing scholarly literature. The course instructor supervises all papers written in course.
ECO1550H1 Economics of Risk Management (MFE only)
This course focuses on the role of risk management in both private and public sectors. It includes a discussion of why firms and government should hedge financial risks, the individual and social gains of financial risk management, the identification and quantification of financial risks (including Value-at-Risk measures) and how derivative securities can be used for financial risk management.
ECO2425H1 Applied Causal Machine Learning
This course is designed for students aspiring to work at the intersection of economics, data science, and technology, particularly those interested in leveraging machine learning (ML) and newly developed causal machine learning models for addressing real-world economic questions. The focus will be on providing students with the skills necessary to conduct edge-of-knowledge economic research, interpret results and apply this knowledge to academic and industry questions. This course will be primarily in Python.
ECO2450H1 Structural Approaches to Climate Economics
We study how climate changes (heat, sea levels, precipitation) affect human activity and welfare (agriculture, housing, infrastructure, health), when meditated by adaptation (migration, asset markets, trade) and other considerations (heterogeneity, space, frictions, expectations, uncertainty), in equilibrium.
We introduce frontier structural modeling methods. These provide theoretical insights and, together with data, quantitative welfare and policy analysis.
In a final project, students apply appropriate methods to a question of their choice.
ECO2460H1 Economic Applications of Machine Learning
The course will cover various techniques of machine learning that are used in economics. Both theoretical approaches and applications in Python will be presented. We will cover the two main axes of machine learning, namely supervised learning and unsupervised learning. We will see, among other things, natural language processing, classifiers, sentiment analysis, and neural networks, all of which will be supported by an overview of the economic literature using those methods.
ECO2650H1 Political Economy
This course will cover frontier research in political economy. We will also relate research to real-world applications, motivating PhD students to identify exciting and important research questions and motivating MA students to think critically about the interactions between policy, firms, government, non-state actors, and civil society. Examples of topics that we will cover include institutions and democratic transitions, corruption, social and news media, information and political accountability, political agency, culture and development, and voting models.
ECO2850H1 Urban and Regional Economics
This course will provide a broad introduction to modern regional and urban economics. In the first part of the course we will attempt to understand how and why cities grow and develop. In the second part, we will explore how cities interact and why they differ in size and perform different activities. The third part of the course will look at regional development and attempt to understand the determinants of regional inequalities.
ECO2900H1 Environmental and Resource Economics
This course introduces students to a set of core topics in environmental economics and natural resource economics. The course will cover environmental topics such as benefit-cost analysis, cost estimation, contingent valuation, cost minimization, dispersion modelling, marketable permits; natural resource topics may include optimal extraction of non-renewable resources, renewable resources, common-property resources, the economics of recycling, and sustainable development
ECO3250H1 Behavioural Economics (PhD)
ECO4050H1 Reading Course
Directed reading and research course
ECO4051H1 Topics in COVID Economics
Covers a variety of topics, both theoretical and empirical, relating to the COVID pandemic.
ECO4060Y1 Graduate Research Seminar
The broad objective of the course it to foster the transition from course-work to independent research. Students will identify research topics and be matched with a faculty member. Each student is required to write an original research paper under the supervision of a faculty member. By the time this course is completed, students will have learned presentation skills, completed the second year paper requirement, identified a thesis topic and struck a thesis committee.
