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Message from the Associate Chair

Welcome to the undergraduate Economics website for prospective and current students. On these pages, you will find information about our programs and courses, as well as other useful resources and links. Read more...

In The News

Now Hiring - Economics Study Center Peer Mentor Positions for 2018-19 !

The Economics Department invites qualified Economics and Commerce students to apply for the 2018 – 2019 peer mentor positions at the Economics Study Center to assist and advise first and second year students. Please visit the Economics Study Center site for application and additional information.

The 2016 - 2017 Economics Scholarship goes to...

2016-17-Undergraduate awards group photo
Awards Reception 2017 ...

The Bank of Canada Governor's Challenge

The Governor's Challenge is a competition for undergraduate university students which, by putting students in the role of advisor to the Bank of Canada's governing council, promotes understanding of the role of monetary policy in Canada's economy. Having analyzed economic developments, the team must form a forecast and make recommendations on whether to adjust the key interest rate. This year has seen more than 100 students from 25 Canadian universities entering the competition.

Our team – the top five students from the new course ECO466 "Empirical Macroenomics and Policy" – has been selected, following a presentation made via video conferencing, to participate in the final. That takes place at the Bank of Canada's headquarters in Ottawa on February 10, 2018. Only five teams are selected for the national final – this is the third year of the challenge and the third time U of T has been in the final. So we are firmly of the mind that this opportunity will be third time lucky!

Our talented students, all in their fourth year:
  • Tacye Hong – Financial Economics Specialist
  • Vibhu Kapoor – Economics Specialist and Statistics Minor
  • Anthony Piruzza – Financial Economics Specialist
  • Matthew Schwartzman – Economics Specialist and Mathematics Major
  • Stephen Tino – Financial Economics Specialist

Previously, preparation for the competition was purely an extracurricular activity for our students. The new ECO466 course puts the Governor's Challenge front and centre; in addition to individual tasks, students are divided into groups and work towards a Group Report, and at the conclusion of the course, five students from the top two groups are selected to participate in the challenge. Course instructors (and team coaches!) are Professors Michelle Alexopoulos and Martin Burda, supported by TA Paul Han (who was himself a team member last year). Read more...

New Courses 2017-2018

The department is pleased to offer the following new courses in 2017/18 Fall/Winter session. Please visit the Calendar for detailed descriptions and prerequisites, etc.

ECO305H1F&S, Economics of Accounting, taught by R.McKeown;

ECO372H1F&S, Applied Regression Analysis and Empirical Papers, taught by D.Benjamin and P. Blanchenay;

ECO406H1S, Developmental Macroeconomics, taught by G. Indart;

ECO417H1S, Economic Development Policy: Community Engaged Learning, taught by K.Freitas;

ECO419H1F, International Macroeconomics, taught by by J. Steinberg;

ECO423H1S, Economics and Biosocial Data, taught by J. Beauchamp;

ECO466H1F, Empirical Macroeconomics and Policy, taught by M.Alexopoulos and M. Burda to prepare students for the Bank of Canada Governor's Challenge;

ECO499H1Y - Honours Essay in Applied Microeconomics; taught by B.Gazzale. To apply for ECO499H1Y, please email Prof. Gazzale:

1. PDF copy of your unofficial transcript.

2. Briefly (in less than one page), please tell us:
a) Why do you want to take ECO499 (Honours Essay in Applied Microeconomics)?
b) Any thoughts you have on the topic you are likely to choose for your original research paper. Please make sure to let us know if your topic is inspired by your previous coursework, and if you have already spoken to a member of the Economics department about your ideas.

Special topics courses:

ECO 421H1S, Economics of Information,
taught by M. Peski, M2-5

This course examines the role and the use of information in strategic situations. The class will expand on the material covered in game theory classes and illustrate it with applications. Topics include communication, signalling, building reputations, deception, etc.

Prerequisites: ECO316H1(60%)/ECO326H1/CSC200Y1

ECO 422H1S/3140H1S, Topics in Behavioural Economics,
taught by Y. Halevy; T9-11, M5-7

Behavioural Economics is a relatively new field that incorporates insights gained from Psychological, Experimental and Neuroscientific studies. Research methods adapted from behavioural economics are now being employed in virtually every field in economics. The course will cover the main themes in behavioral economics: individual choices under risk and uncertainty, reference-dependent choices, intertemporal preferences, other-regarding preferences, bounded rationality in individual and interactive decision-making, and the measurement of rationality and recovery of preferences.

Prerequisites: ECO200Y1/​ECO204Y1/​ECO206Y1; ECO220Y1/​ECO227Y1/​(STA220H1,STA255H1)/(STA257H1,STA261H1); At least one FCE in ECO at the 300 level or higher.

ECO 422H1F & S, Topics in Business Economics,
taught by K. Bernhardt-Walther; W1-4

In this course, students develop tools to describe various aspects of a firm’s organizational structure. Students study the circumstances that lead firms to adopt a particular culture, share authority with employees or not, delegate or centralize decision making. Students will also see how these choices almost always allow for organizational failure in the right kind of wrong circumstance.

Throughout the course, students will practice applying microeconomic models to rich business case studies to explain or predict behavior of and dynamics within organizations. At the end of this course students will be able to recognize and analyze the organizational choices every firm must make along a variety of dimensions. Students will understand the economic relevance of “second best outcomes,” derive a second best outcome mathematically in various settings, and give real-world examples.

The course will involve thorough discussions of applied theory papers. Students should thus be (willing to become) comfortable reading research papers that use extensive mathematical modeling. They should have a good understanding of utility and profit maximization, pure and mixed strategy Nash equilibria, and backward induction.

Prerequisites: ECO200Y1/​ECO204Y1/​ECO206Y1; At least one FCE in ECO at the 300 level or higher;
Recommended preparation: At least one of ECO316H1, ECO326H1, ECO338H1, ECO380H1, or ECO381H1.

ECO101H1 and ECO102H1

Starting in the May-August 2017 summer semester, the Department of Economics will split the full year 1.0 FCE course ECO100Y1 – Introduction to Economics into two half year 0.5 FCE courses: ECO101H1 – Principles of Microeconomics and ECO102H1 – Principles of Macroeconomics.

ECO101H1 and ECO102H1 Course Description:.

ECO 101H Principles of Microeconomics
An introduction to economic analysis and its applications: price determination, market structure, decision making by individuals and firms, public policy. NOTE: extensive use of graphical and quantitative analysis.
Recommended Preparation:
MCV4U (Calculus & Vectors) and MHF4U (Advanced Functions), or equivalent secondary school mathematics credits

ECO 102H  Principles of Macroeconomics
An introduction to economic analysis and its applications from a macroeconomic (economy-wide) perspective. Topics covered include international trade and finance, role of money and the banking system, monetary and fiscal policy. Note: graphical and quantitative analysis are used extensively.
Recommended Preparation:
MCV4U (Calculus & Vectors) and MHF4U (Advanced Functions), or equivalent secondary school mathematics credits

ECO101H is a prerequisite for ECO102H
Students must achieve 63% in each of the half courses in order to gain entry into the Economics Major and Minor programs, and the Minor in Environmental Economics  (hence the old ECO100Y1 with 67% will be replaced with ECO101H with 63% and ECO102H with 63%).

More information about ECO101H1 and ECO102H1 is avaialbe at: