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Graduate Diploma course descriptions

Please note that this is a catalog, and that the courses below may not be on offering during the current academic year. Kindly refer to the official class schedule for information about course offerings for 2019-20.

ECON 501      Advanced Microeconomic Theory (3 credits)
Selected topics in microeconomic analysis including methodology, general equilibrium analysis, welfare economics; theory of the firm, factor pricing, and income distribution capital theory. Primarily for major, specialization, and honours students.

ECON 503      Advanced Macroeconomic Theory (3 credits)
Selected topics in macroeconomic analysis including construction of models of the economy encompassing the labour, product, and financial markets; the role of monetary and fiscal policies; classical, Keynesian, and post-Keynesian models. Primarily for major, specialization, and honours students.

ECON 509      History of Early Economic Thought (3 credits)
This course covers the evolution of economic thought from the Greek philosophers up to (and including) Classical economics. It seeks to provide the student with an outline of the development of economic analysis in this period.
NOTE: Students who have received credit for ECON 408 may not take this course for credit.

ECON 510      History of Modern Economic Thought (3 credits)
This course covers the evolution of economic thought from the Historical School to modern controversies in economic reasoning, which includes a comparative treatment of Keynesian economics and Monetarism.
NOTE: Students who have received credit for ECON 408 may not take this course for credit.

ECON 513      Economic Growth and Fluctuations (3 credits)
A review of some theories of causes of economic fluctuations. Discussion of the economic climate and of stabilization policies.

ECON 514      Economic Development: Policy Analysis (3 credits)
This course offers an advanced treatment of selected topics related to issues in economic development. Particular emphasis is placed on models of growth and structural change, such as the two-gap model, input-output analysis, and computable general equilibrium models. Trade and industrial policies, fiscal and financial policies, as well as public-sector policies including taxation, spending, and cost-benefit analysis are also discussed.
NOTE: Students who have received credit for ECON 312 or 411/511 may not take this course for credit.

ECON 521      Econometrics I (3 credits)
This course builds on the classical linear regression model as well as introducing time series models involving both stationary and non-stationary variables. Topics may include random regressors, method of moments estimation and a variety of models involving simultaneous equations, VEC, VAR, ARCH, panel, qualitative and limited dependent variables. Students continue to build on their knowledge of data management and a statistical software package through the application of these concepts and theories.

ECON 522      Econometrics II (3 credits)
This course is intended for those interested in further developing their knowledge of econometrics and/or those contemplating pursuing graduate studies in economics. It re-examines the properties, assumptions and interpretation of the classical linear regression model and the maximum likelihood model through the use of matrix algebra. Students continue to build on their knowledge of data management and a statistical software package through the application of these concepts and theories.

ECON 523      Topics in Applied Econometrics (3 credits)
This course focuses on the development of skills in the analysis of both time-series and cross-sectional data. Time-series topics may include univariate stationary time series models, forecasting, unit-root theory, trend-stationarity, and testing and applications. Cross-sectional topics may include logit, probit and linear probability models. Students may also analyze large-survey microdata.

ECON 525      Mathematics for Advanced Study in Economics (3 credits)
This course gives students the requisite mathematical background for graduate studies in economics. Topics include algebraic methods, and static and dynamic optimization techniques needed for the study of economic theory and econometrics. Difference and differential equations are also examined.

ECON 532      Monetary Theory (3 credits)
The nature of the monetarist-Keynesian controversy and critical appraisal of the IS-LM-AS model. Special topics: theory and evidence of term structure of interest rates, post-Keynesian demand for and supply of money in aggregative and disaggregative economic models. Theory of macroeconomic policy. Transmission mechanisms, policy coordination, lags, international constraints, and other problems.

ECON 533      Financial Economics (3 credits)
This course introduces students to the theory and practice of finance as seen from the economist’s point of view. In particular, it examines the following topics: the theory of decision making under uncertainty; the basic portfolio models, such as the CAPAM and the APT; equilibrium aspects of financial markets, such as the role of arbitrage in the pricing of financial assets; the pricing of derivative securities, such as options.
NOTE: Students who have received credit for this topic under an ECON 498/598 number may not take this course for credit.

ECON 536      The Economics of Taxation (3 credits)
This course focuses on the effects of taxation on economic behaviour. Major topics considered include the excess burden of taxation in decisions to supply effort, savings and investment, the incidence of corporate taxation, and the design of commodity taxation. Among policy issues, topics such as tax evasion, and the taxation of multinational enterprises are examined.
NOTE: Students who have received credit for ECON 435/535 may not take this course for credit.

ECON 537      Economics of Public Expenditure (3 credits)
This course examines the economic consequences of public expenditure on the economy. Topics covered include public goods, externalities, the theory of welfare measurement, public investment criteria, pricing policy of public enterprises, public choice and intergovernmental fiscal relations.
NOTE: Students who have received credit for ECON 435/535 may not take this course for credit.

ECON 542      International Economics: Trade Theory (3 credits)
The basis of international trade, gains from trade, factor-price equalization, the tariff, Canadian commercial policy, trade and development, economic integration.

ECON 543      International Economics: Finance (3 credits)
This course is an introduction to theory of national income determination in open economies with capital mobility. It includes analyses of balance of payments, exchange rate, and the role of monetary and fiscal policies under different exchange rate regimes. Among other issues covered are international policy coordination, optimum currency areas, and features of the international monetary system.

ECON 550      Economic History (3 credits)
Advanced topics in economic history, with emphasis on the application of economic theory to specific historical questions.

ECON 561      Industrial Organization (3 credits)
This course examines departures from the perfect compe­tition paradigm to analyze economic behaviour in an industrial setting. An industry consists of a number of firms which interact strategically to maximize their profits. Topics addressed include measures of market structure, theories of oligopoly, effects of potential entry, product differentiation and advertising, tech­nological change, vertical integration, and mon­opoly and merger issues.

ECON 562      The Corporate Economy (3 credits)
This course investigates the nature and behaviour of the firm. Economic rationalizations are presented for organizing production within a firm. The economic effects of various organization structures are examined. Topics addressed include team production, contractual models of the firm, principal-agent theory, tournaments, and the relationship between managers, shareholders, and the outside market.

ECON 563      Economics of Regulation (3 credits)
This course is devoted to an examination of the economic aspects of governmental regulations. Besides a critical review of the economic theories of regulation, the spectrum of the existing regulatory network, and empirical investigations aimed at discerning cost-benefits, the course focuses on the process of regulatory reforms in all aspects of the Canadian economy.

ECON 564      Game Theory, Information, and Economic Modelling (3 credits)
This introductory course on game theory is a collection of mathematical tools to model and analyze strategic interactions in a variety of settings, from economic and social situations to politics and international relations. The course focuses on both non-co-operative and co-operative game theoretic modelling, in particular, strategic and extensive form games, Bayesian games, and coalitional games. Students learn to solve games using the concepts of dominant strategies, Nash-equilibrium, subgame perfection, Bayesian equilibrium, and the core. Applications may include repeated games, auctions, bargaining, oligopoly games, entry deterrence, pricing strategies, and collusion.

ECON 565      The Economics of Professional Sport (3 credits)
This is a course in applied microeconomic theory. Various observations on the state of professional sports are explained using economic theory. Evidence of the statistical relevance of such explanations is also investigated. Issues addressed include the magnitude of the earnings of professional sports stars; the impact of free agency on com­petitive balance in sports leagues; the value of professional sports teams to cities, and whether such valuation justifies public subsidization of franchises or arenas.
NOTE: Students who have received credit for this topic under an ECON 498/598 number may not take this course for credit.

ECON 581      Labour Economics (3 credits)
The course deals with topics in labour economics using microeconomic con­cepts such as inter-temporal decision-making, uncertainty, moral hazard, adverse selection and market signalling. The following topics are covered: labour supply and demand, wage differentials, human capital theory, efficiency wages and implicit contracts.

ECON 582      Economics of Personnel and Industrial Relations (3 credits)
The main objective of this course is to describe how modern microeconomics and modern labour economics can be used to solve practical human resource and personnel issues. These include hiring and firing practices, optimal payment and compensation structure, unions and strike behaviour.

ECON 583      Employment, Earnings and Labour Market Policies (3 credits)
This course covers topics in labour economics from the macroeconomic perspective. The key topics include equilibrium unemployment, job search, wage determination mechanisms, labour income processes and labour mobility. The course also devotes a substantial amount of time to macroeconomic policy issues of the labour markets such as employment insurance, minimum wage and union.

ECON 585      Health Economics (3 credits)
This course introduces students to the role of economics in health, health care, and health policy. It surveys the major topics in health economics and forms an introduction to the ongoing debate over health care policy. Topics include the economic determinants of health, the market for medical care, the market for health insurance, the role of government in health care, and health care reform.

ECON 591      Environmental Economics (3 credits)
This course provides a survey, from the perspective of economics, of public issues regarding the use of environmental resources, ecosystems and the management of environmental quality. The course covers both conceptual and methodological topics with recent and current applications. It begins with an introduction to the theory and methods of environmental and natural resource economics and concepts of sustainable development. Then the emphasis is shifted to the optimal use of natural resources, both non-renewable resources (mineral and energy) and renewable resources, and the valuation of environmental resources. In the last part of the course, we examine national and international environmental policy issues, including intergenerational equity and environmental ethics.

ECON 593      Regional Economics (3 credits)
This course introduces the student to the methods and techniques of regional economic analysis, and their application to the problems of regional economies within Canada. Among the micro-economic topics covered are the location behaviour of firms and households, and the factors determining the allocation of land among alternative competing uses. Macroeconomic topics include the measurement and analysis of regional income and growth levels, cyclical changes in those levels, and interregional differences in growth rates. Policy problems pertinent to Canadian regions are stressed throughout the course.

ECON 595      Economics of Transportation and Communications (3 credits)
Congestion problems and solutions, pricing, costs, demand, and regulation in transportation. Some applications to communications.

ECON 596      Natural Resource Economics (3 credits)
This course focuses on the problems of the finiteness of the natural resources base in Canada and in the world, and on an analysis of the demand for and supply of natural resources and energy. The course also discusses the economic aspects of a selected group of conservation measures (financial incentives, reallocation of property rights, regulation).
NOTE: Students who have received credit for ECON 396 or for this topic under an ECON 498/598 number may not take this course for credit.

ECON 597      Income Distribution and Economic Inequality (3 credits)
This course examines the extent and dimensions of economic inequality among households both domestically and internationally. Topics covered include theories of income inequality, wealth inequality, recent trends in polarization, poverty, intergenerational bequests, the welfare state, and the role of government economic policy.

ECON 598      Advanced Topics in Economics (3 credits)

ECON 599      Advanced Topics in Economics (6 credits)

Specific topics for these courses, and prerequisites relevant in each case, are stated in the class schedule.

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