Economics courses

ECON 318: Canadian Economic Policy and Institutions

This course focuses on economic policies and institutions related to contemporary issues in the domestic economy. It is guided by the application of economic principles to such issues as regional disparities, income distribution and inequality, intra‑provincial trade, social security policies, welfare programs, foreign ownership and control, competition policy, government regulation of business, unemployment, inflation, and environmental policy.

ECON 319: International Economic Policy and Institutions

This course focuses on economic policies and institutions related to issues such as protectionism, regionalism, and globalization. Selected topics in exchange rate and currency convertibility, liberalization of economic systems, and international economic development are also covered.

ECON 330: Economics in Practice

This course relies on concepts used in managerial economics, applied microeconomics, public economics, applied statistics, and industrial organization to examine how economists approach and think about real‑world problems. The course is organized around the setting that students are employees of a consulting firm hired to provide timely advice on pressing issues.

ECON 331: Money and Banking

This course covers a variety of topics relating to money and the banking system within the Canadian banking institutional framework. This includes the nature, forms and economic role of money; monetary standards; markets, prices and the value of money; the payments system; financial markets; the determinants of the size and distribution of wealth portfolios; the measurement, composition and determinants of the money supply. Other topics may include the economic role of commercial banks and non-bank financial intermediaries, central banking, monetary policy and the international monetary system.

ECON 398: Selected Topics in Economics: Economics of Fiscal & Monetary Union

This course provides an overview of monetary unions with an emphasis on the Eurozone. It examines the costs and benefits of a common currency, and monetary and fiscal policies, including austerity, within the union. It analyzes the European sovereign debt crisis – the possibility of “Grexit” and/or “Exitaly”. It also discusses whether countries in Latin America, West Africa and East Asia should form a monetary union and whether the BRICS should have their own currency.

ECON 409: History of Early Economic Thought

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.

ECON 432: Monetary Theory

This course examines the nature of the Monetarist-Keynesian controversy and gives a critical appraisal of the IS-LM-AS model. Topics covered may include the term structure of interest rates, post-Keynesian theories of money supply and demand as well as issues in macroeconomic policy theory such as transmission mechanisms, policy coordination and implementation lags, and international constraints.

ECON 433: Financial Economics

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 Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (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.

ECON 440: Market Design

This course focuses on the design and analysis of market mechanisms, which are concerned with how to construct rules for allocating resources and how to structure successful marketplaces. It draws on tools of game theory to identify why certain market rules or institutions succeed and why others fail. Topics may include matching markets, auctions, contracts, economic platforms and network effects. The main objectives of this course are to introduce students to some of the fundamental concepts and ideas in the theory of market design and to connect this theory to real‑life markets and to practical aspects of market design policy.

ECON 461: Industrial Organization

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 463: Economics of Regulation

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 465: The Economics of Professional Sport

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.

ECON 481: Labour Economics

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 485: Health Economics

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 492: Advanced Urban Economics

This course examines geographic aspects of economies through the application of microeconomic theories. The objective of the course is to understand why, how and where cities are created and organized (or disorganized), and what types of remedies urban economics has to offer when market failure is present at a city level. Topics may include location choice, suburbanization, New Economic Geography, city-size distribution, geographic mobility, spatial sorting, and quality-of-life index.

ECON 509: History of Early Economic Thought

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.

ECON 532: Monetary Theory

This course examines the nature of the Monetarist-Keynesian controversy and gives a critical appraisal of the IS-LM-AS model. Topics covered may include the term structure of interest rates, post-Keynesian theories of money supply and demand as well as issues in macroeconomic policy theory such as transmission mechanisms, policy coordination and implementation lags, and international constraints.

ECON 533: Financial Economics

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 Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (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.

ECON 540: Market Design

This course focuses on the design and analysis of market mechanisms, which are concerned with how to construct rules for allocating resources and how to structure successful marketplaces. It draws on tools of game theory to identify why certain market rules or institutions succeed and why others fail. Topics may include matching markets, auctions, contracts, economic platforms and network effects. The main objectives of this course are to introduce students to some of the fundamental concepts and ideas in the theory of market design and to connect this theory to real‑life markets and to practical aspects of market design policy.

ECON 561: Industrial Organization

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 563: Economics of Regulation

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 565: The Economics of Professional Sport

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.

ECON 581: Labour Economics

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 585: Health Economics

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 592: Advanced Urban Economics

This course examines geographic aspects of economies through the application of microeconomic theories. The objective of the course is to understand why, how and where cities are created and organized (or disorganized), and what types of remedies urban economics has to offer when market failure is present at a city level. Topics may include location choice, suburbanization, New Economic Geography, city-size distribution, geographic mobility, spatial sorting, and quality-of-life index.

ECON 614: Game Theory

This course offers an in-depth coverage of some important topics in mostly non-cooperative but also cooperative game theory. Although formal reasoning, precise definitions and proofs are part of the course, emphasis is placed on the importance and use of the various concepts in economics. Main topics include Nash equilibrium and subgame perfection, correlated equilibria, rationalizability, zero sum games, repeated games, (perfect) Bayesian Nash equilibrium, core Shapley value, bargaining problems, and stable sets.

ECON 662: International Finance

Selected topics in international finance or open economy macroeconomics are analyzed within modern dynamic general equilibrium models. These include deviations from the law of one price and from purchasing power parity, pricing to market, exchange rate determination, the international transmission of business cycles, the international financial system and crises, sovereign debt and default, global trade imbalances, currency unions (like the European Monetary Union), customs unions (like the European Union), and optimal monetary and fiscal policy in an open economy setting.

ECON 683: Applied Econometrics: Microeconometrics

This course provides an introduction to statistical techniques and practical aspects of microeconometric analysis. Topics include binary response models, censored and truncated regression models, analysis of categorical survey data, instrumental variables, treatment effects, panel data models with fixed and random effects, analysis of transition data, estimation by simulation, and estimation of dynamic programming models.

ECON 695 A Seminar in a Special Topic: Auctions and Markets

This course will explore the design of institutions and markets, focusing on mechanism and market design. The primary emphasis will be on mechanisms involving monetary transactions, with auctions as a key example. Auctions have long been used for buying and selling various goods, including government procurement for public projects (e.g., airports, bridges) and the allocation of radio spectrum for cell phone providers. This interdisciplinary topic spans economics, operations research, and computer science. The course will also cover mechanisms without monetary transfers and introduce the emerging field of information design.

ECON 695 B Seminar in a Special Topic: Applied Machine Learning

This course aims to introduce students to machine learning methods and their applications in economics. Our focus will be on supervised machine learning with an emphasis on predictive methods. We will cover learning methods such as regression and classification in high dimension, splines, tree-based methods, support vector machine and deep learning. Some aspects of causal machine learning will also be covered.

ECON 695 C Seminar in a Special Topic: Economics of Education and Human Capital

This course examines the microeconomic foundations of education and human capital accumulation, with an emphasis on structural modeling. Topics include human capital theory, returns to schooling, ability bias, dynamic models of educational choice, credit constraints, education financing, skill formation, and the labor market implications of educational decisions. The course draws on a wide range of empirical and theoretical research and includes a significant modeling component.

ECON 318: Canadian Economic Policy and Institutions

This course focuses on economic policies and institutions related to contemporary issues in the domestic economy. It is guided by the application of economic principles to such issues as regional disparities, income distribution and inequality, intra‑provincial trade, social security policies, welfare programs, foreign ownership and control, competition policy, government regulation of business, unemployment, inflation, and environmental policy.

ECON 319: International Economic Policy and Institutions

This course focuses on economic policies and institutions related to issues such as protectionism, regionalism, and globalization. Selected topics in exchange rate and currency convertibility, liberalization of economic systems, and international economic development are also covered.

ECON 331: Money and Banking

This course covers a variety of topics relating to money and the banking system within the Canadian banking institutional framework. This includes the nature, forms and economic role of money; monetary standards; markets, prices and the value of money; the payments system; financial markets; the determinants of the size and distribution of wealth portfolios; the measurement, composition and determinants of the money supply. Other topics may include the economic role of commercial banks and non-bank financial intermediaries, central banking, monetary policy and the international monetary system.

ECON 377: The Asia-Pacific Rim Economies

This course analyzes the economic growth, industrial policies and crisis experiences of selected Asian economies. It provides an analysis of the policies and factors that have contributed to the economic transformation of these economies since World War II. It examines how these economies were affected by the Asian financial crisis in 1997 and their economic performance since then. The economic challenges that these economies are likely to face in the future may also be explored.

ECON 391: Economics of the Environment

The subject of this course is environmental quality. It proceeds through an analysis of the relationships among the natural environment, economics, and institutions. The objective is to depict the problem of environmental quality as an economic problem whose solution demands major changes in economic, political, and legal institutions. Attention is also given to policies of collective environmental actions in which the effective management of common property resources is discussed. The course concludes with a discussion of some broader issues, such as the consistency of improved environmental quality with continued economic and population growth.

ECON 414: Economic Development: Policy Analysis

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.

ECON 442: International Economics (Trade Theory)

This course examines the foundations of international trade, the origins of gains from trade, factor-price equalization, tariffs, Canadian trade policy, the role of trade in development, and economic integration.

ECON 443: International Economics: Finance

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 461: Industrial Organization

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 464: Game Theory, Information and Economic Modelling

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, Nashequilibrium, subgame perfection, Bayesian equilibrium, and the core. Applications may include repeated games, auctions, bargaining, oligopoly games, entry deterrence, pricing strategies, and collusion.

ECON 483: Employment, Earnings and Labour Market Policies

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 491: Environmental Economics

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. The last part of the course examines national and international environmental policy issues, including intergenerational equity and environmental ethics.

ECON 497: Income Distribution and Economic Inequality

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 498 Advanced Topics: Capstone Research Paper

This course provides a hands-on introduction to economic research. It guides students through the process of conducting independent empirical research in economics based on their interests, with the ultimate goal of producing a complete research paper.  The course is organized around the steps involved in conducting research such as formulating a clear research question, searching and reviewing the relevant literature, designing an appropriate econometric strategy, finding data, and writing about research.  Through this course, students gain the opportunity to apply the skills developed throughout the program, paving the way for success in both academic and professional endeavors within the field.

ECON 514: Economic Development: Policy Analysis

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.

ECON 542: International Economics (Trade Theory)

This course examines the foundations of international trade, the origins of gains from trade, factor-price equalization, tariffs, Canadian trade policy, the role of trade in development, and economic integration.

ECON 543: International Economics: Finance

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 561: Industrial Organization

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 564: Game Theory, Information and Economic Modelling

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, Nashequilibrium, subgame perfection, Bayesian equilibrium, and the core. Applications may include repeated games, auctions, bargaining, oligopoly games, entry deterrence, pricing strategies, and collusion.

ECON 583: Employment, Earnings and Labour Market Policies

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 591: Environmental Economics

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. The last part of the course examines national and international environmental policy issues, including intergenerational equity and environmental ethics.

ECON 597: Income Distribution and Economic Inequality

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 682 Applied Econometrics: Time-Series

This course provides an introduction to statistical techniques for analyzing time-series data. Topics include Box-Jenkins methodology, spectral analysis, forecasting, tests for unit roots, multivariate time-series analysis: vector autoregressions, causality, cointegration, and nonlinear time-series models such as ARCH models.

ECON 695 F Seminar in a Special Topic: Computational Economics

This course prepares students with skills and knowledge to build and solve dynamic economic models using advanced numerical methods. Computational methods have become core techniques in various fields of economics to solve economic models that were previously considered intractable. Most of the computational skills and techniques taught in this course are useful for research in applied microeconomics, econometrics, and macroeconomics.

ECON 695 G Seminar in a Special Topic: Topics in Experimental and Behavioral Economics

The objective of the course is to introduce graduate students to the basic methodology of experimental economics and discuss its applications in behavioral game theory, financial economics, public economics, labour economics, political economics, environmental economics, and decision theory.

ECON 695 H Seminar in a Special Topic: Political Economics

Political economics studies economic policy-making in the context of political institutions and political processes. The topics to be covered are the theory of collective choice and game-theoretical models of politics, with emphasis on information-related issues. The course will include an introduction to the basic theoretical framework, as well as a discussion of the state-of-the-art studies.