ECON 600s

ECON 601 Microeconomic Theory I (0.50) LEC	Course ID: 000925
This course studies models of economic decision making. Topics include: choice under uncertainty, consumer and producer theory and game theory.

ECON 602 Macroeconomic Theory I (0.50) LEC	Course ID: 000926
The main purpose of this course is to provide students wil the methodological tools that underlie dynamic equilibrium analysis of the macro-economy.

ECON 604 Monetary Theory and Banking (0.50) LEC	Course ID: 000928
This course for MA students examines the monetary and financial aspects of the macro-economy. Its main purpose is to prepare students to conduct analyses of problems and policies in monetary economics. Topics may include the link between monetary policy and output, the economic cost of aggregate fluctuations, the costs and benefits of price stability, the role of central banks and the banking system.

ECON 605 Computational Economics (0.50) LEC	Course ID: 000929
Static and dynamic general equilibrium modelling; computation, calibration and simulation. Sensitivity analysis. Policy applications.

ECON 606 Research Methodology (0.50) LEC	Course ID: 000930
This course focuses on increasing students' understanding of the roles of economic theory and empirical methods and on the development of skills in the critical analyses of economic research. Through reading a variety of research papers and attending seminars, students will gain exposure to different research methodologies used in economics. Students will learn how to synthesize and critique research on a particular topic by writing reviews of academic papers and/or research reports from government and non-governmental agencies, as well as by writing a paper such as literature survey on an assigned topic. Students will enhance their writing skills and will also gain practice in presenting a research paper.

ECON 621 Econometrics I (0.50) LEC	Course ID: 000933
Specification and estimation of the linear regression model. Departures from the Gauss-Markov assumptions include heteroskedasticity, serial correlation, and errors in variables. Advanced topics include generalized least squares, and simultaneous equations/instrumental variables. They may also include nonlinear regression, and limited dependent variable models. Some or all of the problem sets involve working with the computer.

ECON 622 Applied Microeconometrics I (0.50) LEC	Course ID: 013664
This course provides an introduction to the analysis of microdata - data in which the unit of analysis in an individual decision-maker, such as a consumer, worker, or firm. The course familiarizes students with the various types of mircodata structures and draws links between theoretical economic models and statistical models. It devotes considerable attention to anlytical techniques for describing univariate and bivariate distributions, including the use of kernel density estimators and scatterplots. The course addresses statistical inference using multivariate regressions, covering a series of techniques and issues of particular significance in the analysis of microdata. Examples include Monte Carlo methods; bootstrapping; the use of sampling weight; omitted variable bias; measurement error; and instrumental variables. Completion of an empirical project is a course requirement.

Prerequisite: ECON 621

ECON 623 Applied Macroeconometrics I (0.50) LEC	Course ID: 013665
This course focuses on the econometric techniques of empirical problems. Topics may include some basic concepts in time series analysis (such as deterministic and stochastic processes, stationary, ACF, Ergodicity conditions), established estimation techniques (such as OLS/GLS, MLE, GMM, Monte-Carlo simulation), popular univariate and multivariate time series models (such as ARMA process, autoregressive conditional heteroskedasticity model, stochastic volatility model, Vector Autoregression, Vector Moving Average), and non stationary models (such as random walk, unit roots, Dickey-Fuller Tests, Co-integration System and error corrections). Some related (empirical/theoretical) published papers for each topic may be discussed in class. An empirical project is required in the course, requiring the use of software (such as Matlab, SAS).

Prerequisite: ECON 621

ECON 624 Dynamic Optimization with Applications (0.50) LEC	Course ID: 011824
After exploring solutions for first and second-order difference and differential equations, the course studies the calculus of variations, optimal control theory, discrete and continuous dynamic programming, with applications to various fields; including micro and macroeconomics, natural resource and environmental economics, finance and investment theory. Techniques of dynamic simulation are discussed.

ECON 631 International Trade (0.50) LEC	Course ID: 000935
This course presents classical and new international trade theories and discusses selected topics representative of recent empirical research. Theory, extensions, applications and empirical tests of models such a Ricardian, Hecksher-Ohlin, increasing returns to scale and imperfect competition, political economy, heterogeneous agents (Melitz) will be covered. Additional elective topics include trade and environment; economic geography; trade, aid and development; trade and conflict; trade and growth.

ECON 635 International Trade & Development (0.50) LEC	Course ID: 010498
This course is aimed at exploring the nexus between international trade, growth, and development through a set of selected readings. The course will not present a comprehensive treatment of the subject area. Rather, it will provide an introduction to a few selected topics that are suggestive of both the typical questions posed in the literature and of the manner in which the literature has developed over time. The topics will include models of international trade under perfect and imperfect competition, models of north-south trade, immiserizing growth, the Dutch disease, trade as an engine of growth, and international trade, technological change and long-run growth.

ECON 637 Economic Analysis and Global Governance (0.50) LEC	Course ID: 012850
This course demonstrates the usefulness of economic analysis to the study of global governance. Topics include the economic analysis of international trade, foreign direct investment, and international finance.
Department Consent Required
Prerequisite: PSCI 610

ECON 641 Public Economics: Expenditure (0.50) LEC	Course ID: 000938
This course studies the economic role of the public sector in a modern market economy. Topics include the efficient provision of public goods, externalities and public choice analysis of the growth in government spending. Time permitting, some issues in the public economics of taxation may be covered.

ECON 642 Public Economics: Taxation (0.50) LEC	Course ID: 011825
This course discusses the economic effects of taxation. Topics may include the design of a desirable tax system, the structure of income, consumption and wealth taxes in Cananda, the efficiency cost and incidence of various types of taxes, international aspects of taxation, and fiscal federalism. Time permitting, some issues in public expenditure theory may be covered.

ECON 643 Health Economics (0.50) LEC	Course ID: 011126
This course introduces students to the role of economics in health care and health policy. It is meant to be a survey of major topics in health economics and an introduction to the ongoing debate over health care policy. Topics include the economic determinants of health and health policy, the market for medical care, the market for health insurance, and the role of the government in health care, and health care reform.

ECON 645 Industrial Organization I (0.50) LEC	Course ID: 000939
Study of the firm as a rational economic agent, how it makes decisions and implements strategies in markets that are imperfectly competitive, and the differences in industry equilibrium relative to perfect competition. The course covers market owe (oligopolies and monopolistically competitive models), the theory of the firm (organization and contracts), vertical restraints, differentiated products, price discrimination, advertising, barriers to entry, and strategic behaviour.

ECON 648 Industrial Organization II (0.50) LEC	Course ID: 012016
This course examines public policies in imperfectly competitive markets. The focus is on how different public policies impact dynamic welfare through their effects on innovation. The course explores the role of innovation in antitrust policy, examines in detail different forms of intellectual property rights, and introduces students to concepts such as technological opportunity, induced innovation, and preference externalities. Throughout the course the methodological emphasis is on studying when economic research - whether theoretical or empirical - can inform public policy.

ECON 651 Labour Economics (0.50) LEC	Course ID: 010499
Labour market structure and operations. Theories of real wages, labour supply, employment-unemployment, and labour unions.

ECON 655 Resource Economics (0.50) LEC	Course ID: 000941
The economics of renewable and non-renewable resources in a Canadian context. Problems peculiar to the fisheries, forestry, mineral industries and oil and gas production and consumption are analyzed. Also considered are economic and constitutional issues arising from the uneven distribution of resource rents in Canada.

ECON 657 Environmental Economics (0.50) LEC	Course ID: 011828
This course will review the application of the tools and theory of economics to environmental problems. The normative foundations of economic analysis will be discussed including efficiency, intergenerational equity and sustainability. The design and implementation of environmental policy will be analyzed including the use of command and control regulation, market-based instruments, and legal liability. Applications to various environmental issues may include global warming, trans-boundary pollution, and trade and the environment.

ECON 659 Real Options and Investment under Uncertainty (0.50) LEC	Course ID: 012333
This course considers the application of option concepts from finance to value real assests. The focus is on using real options theory and methodology to value investments characterized by uncertainty, irreversibility, and flexibilty inthe timing of irreversible expenditures. The course begins with an introduction to stochastic processes, Ito's Lemma, the Black-Scholes equation, contingent claims analysis and dynamic programming. Methods to solve simple option value problems will be presented, such as binomial trees and Monte Carlo simulation. Applications will focus on problems in natural resource and environmental economics, such as valuing the option ot drill for oil or install pollution control equipment and, time permitting, other appications in economics.

ECON 672 Financial Economics (0.50) LEC	Course ID: 000945
Topics covered include: expected utility theory, no-arbitrage pricing, equilibrium-pricing models, derivative-security pricing, asymmetric information, capital structure theory and dividend policy.

ECON 673 Special Topics in Economics (0.50) LEC	Course ID: 000946
One or more half-courses will be offered at different times as announced by the Department.
Instructor Consent Required
1 Mathematical Econ Directed Std
2 Computational Economics
3 Health Economics II
4 Topics in Health Economics
5 Knowledge Mobilisation
6 Topics in Game Theory
7 Topics in Industrial Relations
8 Topics in Industrial Orgnzatn
9 Topics in Personnel Economics
10 Applied Microeconometrics I
11 Topics in Game Theory
12 Topics in Research Methodology
13 Contracts & Mechanism Design
14 Topics in International Trade
15 Numerical Mthds for Economists
16 Topics in Numerical Methods
17 Topics in Search Theory
18 Topic Public Econ & Tax Policy
19 Topics Natural Resource Econ
20 Topics in Innovation

ECON 700s

ECON 701 Micro II (0.50) LEC	Course ID: 011829
This course builds on the models and the techniques developed in Microeconomic Theory I. Topics may include general-equilibrium analysis, game theory, the economics of information, mechanism design and applications of bargaining theory to the theory of markets.

Prerequisite: ECON 601

ECON 702 Macro II (0.50) LEC	Course ID: 011830
The main purpose of this advanced course is to prepare PhD students to conduct research to conduct research in macroeconomics.

Prerequisite: ECON 602

ECON 704 Monetary Economics 2 (0.50) LEC	Course ID: 014729
This course for PhD students examines the monetary and financial aspects of the macro-economy. Its main purpose is to prepare students to conduct analyses of problems and policies in monetary economics. Topics may include the link between monetary policy and output, the economic cost of aggregate fluctuations, the costs and benefits of price stability, the role of central banks and the banking system.


Antireq: ECON 604

ECON 721 Econometrics II (0.50) LEC	Course ID: 000957
The course provides a rigorous treatment of more advanced topics in econometrics. They include system of equations, simultaneous equations, generalized method of moments, empirical likelihood, vector autoregression and dynamic models, time series models and methods, discrete dependent variables, and limited dependent variables.

Prerequisite: ECON 621

ECON 722 Applied Microeconometrics II (0.50) LEC	Course ID: 012334
This course reviews identification strategies used in the analysis of cross-sectional and longitudinal microdata. Techniques primarily come from applications in labour economics, health economics and industrial organization. These may include fixed and random effects models, duration analysis, instrumental variables estimators, nonparametric and semi-parametric analysis, decomposition techniques, quantile regression, difference-in-difference estimators, propensity score matching and regression discontinuity design. The primary objectives of the course are to familiarize students with current methods used in microeconometric research and provide them with hands-on experience applying these methods using an appropriate statistical software package.
Instructor Consent Required
Prereq: ECON 601 and ECON 621

ECON 723 Applied Macroeconometrics II (0.50) LEC	Course ID: 012335
This course covers some of the most important concepts, models and methods used in the empirical analysis of macroeconomic problems. In particular the course covers established time series techniques as well as more recent developments such as testing for unit roots, measurement of the persistence of shocks and estimation and hypothesis testing in cointegrated systems. Several dynamic models will be studied using time series analysis methods. Topics covered include basic concepts in time series analysis (modelling volatility and trend), VAR Modes (including structural VAR's), VECM and Cointegration, neural networks and estimation of DSGE models. During the course, students will have the opportunity to explore several case studies using econometric software such as RATS and MATLAB.
Instructor Consent Required
Prereq: ECON 602 and ECON 621

ECON 727 Financial Econometrics (0.50) LEC	Course ID: 012849
This course focuses on the theory and application of estimation and statistical evaluation of continuous-time stochastic processes frequently used in finance. In particular, it provides an in-depth discussion of estimation methods and statistical tests in the context of dynamic models of the term structure of interest and option pricing.

Prerequisite: STAT 850 or permission of the instructor

ECON 741 Advanced Public Economics Expenditure (0.50) LEC	Course ID: 014730
This course familiarizes PhD students with recent developments in research on government expenditures. By the end of the course, students are expected to know what are the main current academic and policy debates in relation to public expenditures as well as what research papers from the most recent important contributions to these debates. This course is an essential part of preparation for students aiming to write a thesis in public economics. Topics include, but are not limited to, the efficient provision of public goods, externalities, public choice and voting, fiscal federalism and equalization, and public policy reform.
Instructor Consent Required

Antireq: ECON 641

ECON 742 Advanced Public Economics: Taxation (0.50) LEC	Course ID: 014731
This course provides an advanced research-oriented exploration of selected issues in the economics of taxation. By the end of the course, students are expected to know what are the main current academic and policy debates in relation to personal and corporate taxation as well as what research papers form the most recent important contributions to these debates. This course is an essential part of preparation for students aiming to write a thesis in public economics. Topics include, but are not limited to, applied tax incidence and analysis, dynamic tax policy modeling, optimal taxation, tax competition, fiscal federalism and equalization, and tax policy reform.
Instructor Consent Required

Antireq: ECON 642

ECON 743 Topics in Health Economics (0.50) LEC	Course ID: 012337
The course builds upon the MA course in Health Economics (643). This topics course is designed for students wishing to undertake research in the area of health policy. The course will examine health and economic literature on mutually (instructor and students) agreed upon topics, focusing on current research issues in population health, health-services research, economic evaluation, and health policy analysis from an economic perspective.

Prereq: ECON 643

ECON 751 Advanced Labour Economics (0.50) LEC	Course ID: 014732
This course offers a study of the core topics in labour economics. Labour supply, labour demand, wage determination and unemployment are presented in the context of consumer and producer choice theory. Knowledge of graduate level microeconomic theory and econometrics is required. Although no familiarity with specialized econometric methods is assumed, this course will introduce students to common estimation techniques employed in labour economics. Students will also learn about the more recent treatment of the core topics through readings of current research analyzing models' extensions.


Antireq: ECON 651

ECON 757 Advanced Environmental Economics (0.50) LEC	Course ID: 014733
This course is intended for PhD students who specialize in the field of environmental economics. It provides an advanced analysis of the interplay between economic activities and the environment, and environmental regulation. The course will focus on the application of several advanced economic tools and methods covered in the core PhD theory courses to environmental problems. Topics may include the application of general equilibrium theory, game theory, real options theory, optimal control theory, dynamic optimization, and econometric analysis to environmental policy analysis and design.


Antireq: ECON 657

ECON 773 Special Topic in Economics (0.50) LEC	Course ID: 012336
One or more courses will be offered at different times as announced by the Department.
Instructor Consent Required
1 Financial Econometrics
2 Topics in Personnel Economics
3 DSGE models and Applications