Economics


Faculty and Staff List

Professors Emeriti
G.J. Anderson, B.A., M.Sc., Ph.D.
M. Faig, Licenciatura, M.A., Ph.D.
J.E. Floyd, B.Com., M.A., Ph.D.
C. Pitchik, B.A., M.Sc., Ph.D.
F. Reid, B.A., M.Sc., Ph.D.
X. Zhu, B.S., M.S., Ph.D.

Professors
V. Aivazian, B.S., M.A., Ph.D.
C. Arteaga, B.A., M.A., Ph.D.
L. Bailey, B.A., M.A.
C. Baysan, BCom, M.S., Ph.D.
M. Boutros, B.Sc., M.A., Ph.D.
J. Choi, B.Sc., M.A., Ph.D.
R. Deb, B.Tech., M.Phil., M.A., Ph.D.
M. Duarte, B.A., M.A., Ph.D.
S. Dyrda, M.A., Ph.D.
J. Gu, M.A., Ph.D.
M. Igami, B.A., M.A., Ph.D. 
G. Kambourov, B.A., M.A., Ph.D.
Z. Kang, B.Sc., M.Sc., Ph.D.
R. McMillan, B.A., Ph.D.
A. Melino, B.A., Ph.D.
P. Oreopoulos, B.A., M.A., Ph.D.
D. Price, B.S., M.A., Ph.D.
M. Rempel, B.A., M.A.
X. Shi, B.Sc., M.A., Ph.D.
E.A. Souza-Rodrigues, B.A., M.Sc., M.A., M.Phil., Ph.D.
A. Weisbrod, B.A., M.Sc., Ph.D.
R. Wolthoff, B.Sc., M.Sc., Ph.D.
K. Yu, B.A., M.A., Ph.D.
N. Zammit, B.A., M.A., Ph.D.
R. Zarate, B.A., M.A., PhD.

Chair
R. Wolthoff

Administrative Assistant to the Chair
A. Shoebridge
Room KN3274, Innovation Complex
905-828-5257
a.shoebridge@utoronto.ca

Academic Advisor
Kayla Forrester
Room KN3252, Innovation Complex
905-828-5404
advisor.utmeconomics@utoronto.ca

Department Manager
Drew Reid
KN 3218, Innovation Complex
905-569-4930
drew.reid@utoronto.ca


Economics is a social science that encompasses a particular range of human behaviour and has a strong influence on the structure, well-being, and development of a society.

Much of human activity is directed towards the satisfaction of material wants. In many areas of the world, the greater part of human effort must be directed towards meeting the most elemental demands for food, clothing, and shelter. Even in technologically-advanced societies, where these basic requirements can be met with comparative ease, the desire for more goods and services never appears to be fully satisfied. In consequence, every society - regardless of whether it is capitalist, socialist or communist in political orientation - is both competitive and cooperative. It is competitive because its members contend with one another to satisfy their individual wants from a limited supply of productive resources. It is cooperative because the greatest supply of goods is available when the activity of producing them is coordinated and organized. Economics deals with any issue arising out of the conflict between the demand for goods and services, and a limited supply of resources to satisfy those demands.

Undergraduate training in Economics is intended to familiarize students with the discipline of economic thinking, and to equip them for intelligent appraisal of contemporary economic problems. It is also intended to make students aware of the nature of economic science, and of the directions in which economic theory is moving.

Economic theory now makes considerable use of mathematics in some of its enquiries. A student who chooses to specialize in Economics should take at least one basic course in mathematics. More such courses may be taken, as several Economics courses draw on mathematical analysis.

Owing to advances in economic theory, an undergraduate degree is not sufficient to become a professional economist. For this or other reasons, graduate work may be necessary. Students who wish to do graduate work should seek advice from the department concerning their choice of courses.

Students should also review the Degree Requirements section prior to selecting courses

Program websitehttp://www.utm.utoronto.ca/economics

 

UTM Co-op Internship Program

The UTM Co-op Internship Program (UTMCIP) stream is available to eligible students enrolled in the Economics Major, Economics and Political Science Specialist, and International Affairs Specialist programs. Enrolment is limited and requires a supplemental application. Students enrolled in the UTMCIP stream will be required to complete mandatory Work-Readiness programming plus a 12- or 16-month term of paid, full-time work experience. The time to degree completion for students enrolled in UTMCIP will normally be 5 years. There is an additional cost to participate in the UTMCIP stream.

Enrolment in the UTMCIP stream of the Economics Major and Specialist programs is limited. Students will be eligible to apply to UTMCIP streams after their first year of study and/or completion of at least 4.0 credits, in alignment with the program’s requirements, and no more than 6.0 credits in total. Successful applicants will be enrolled into the UTMCIP stream of their academic program in Year of Study 2.

Enrolment is open to domestic and international students. All international students must possess a valid work permit and Social Insurance Number (SIN) to participate in a work term.

Please be advised that UTMCIP eligibility requirements, including CGPA and pre-requisite courses, may differ from the regular program requirements. Students are encouraged to carefully review the academic program descriptions below to identify whether the UTMCIP stream has any additional eligibility requirements. Students may also consult the UTMCIP website for further details on program eligibility requirements.

Economics Programs

Economics - Specialist (Arts)

Economics - Specialist (Arts)

Enrolment Requirements:

Limited Enrolment – Enrolment in this program is limited to students with:

Students should apply for this program at the end of their second year (8.0 credits), once they have completed the prerequisites listed above. It is recommended that students apply to the Economics Major program (ERMAJ1478) at the end of their first year (4.0 credits).

Students enrolled in this program cannot be simultaneously enrolled in the Financial Economics Specialist (ERSPE2722), Economics Specialist – BCOM (ERSPE0137), Economics Major (ERMAJ1478), Economics Minor (ERMIN1478), or Commerce: Finance Specialist (ERSPE2034) program.

Completion Requirements:

13.0 credits are required.

First Year:
1. ECO100Y5 or ( ECO101H5 and ECO102H5)
2. MAT133Y5 or ( MAT132H5 and MAT134H5) or ( MAT135H5 and MAT136H5) or MAT137Y5 or ( MAT137H5 and MAT139H5);
3. MAT223H5 or MAT233H5

Higher Years:
1. ECO206Y5 and ECO208Y5 and [ ECO227Y5 or ( STA258H5 and STA260H5)]
2. ECO325H5 and ECO326H5 and ECO375H5
3. 1.0 credit in Economic History from: ( ECO302H5 and ECO303H5) or ECO322Y5 or ECO323Y5
4. 5.0 additional 300+ level ECO credits, including at least 1.0 at the 400 level

Specialist Programs
Note:

  1. Economics Specialist Program (ERSPE1478) leads to an Honours BA degree.
  2. Economics Specialist – BCOM (ERSPE0137) program can only be taken jointly with the Specialist program in Commerce, and thus leads to a BCom degree.
  3. Enrolment in Economics (Commerce) Specialist Program ERSPE0137 Program is open only to those who have been admitted to the BCom degree program.
  4. ECO205Y5, ECO244Y5 and ECO261H5 cannot be used to fulfill the requirements for this program.

ERSPE1478

Economics - Specialist (BCom)

Economics - Specialist (BCom)

This program can only be taken jointly with a Commerce Specialist program. Students must be actively enrolled in a Commerce (BCom) Specialist Program in order to be admitted to this Economics program. Students must complete one of the following Commerce programs in order to complete this program: ERSPE1704, ERSPE2034, ERSPE2273.

Enrolment Requirements:

Limited Enrolment — This program may only be taken jointly with a Specialist program in Commerce which leads to a BCom degree. Students must be actively enrolled in one of these Commerce Specialist (BCom) Programs in order to qualify for this Economics Specialist program: ERSPE1704 or ERSPE2034 or ERSPE2273.

Additionally, enrolment in this program is limited to students with [70% in ECO100Y5 or (70% in ECO101H5 and ECO102H5)] and [80% in MAT133Y5 or (63% in MAT132H5 and MAT134H5) or (63% in MAT135H5 and MAT136H5) or 60% in MAT137Y5 or (60% in MAT137H5 and MAT139H5)] and 63% in MGT120H5 and a minimum CGPA which is determined annually.

Students enrolled in this program cannot be simultaneously enrolled in the Financial Economics Specialist (ERSPE2722), Economics Specialist (ERSPE1478), Economics Major (ERMAJ1478), or Economics Minor (ERMIN1478) program.

Completion Requirements:

Within a BCom degree, 15.0 credits are required.

First Year:

  1. ECO100Y5 or ( ECO101H5 and ECO102H5)
  2. MAT133Y5 or ( MAT132H5 and MAT134H5) or ( MAT135H5 and MAT136H5) or MAT137Y5 or ( MAT137H5 and MAT139H5)
  3. MGT120H5 and MGM101H5

Higher Years:

  1. MGT Requirements (5.0 credits)
    1. MGT220H5 and MGT223H5 and MGT231H5 and MGT232H5
    2. 1.0 credit from: MGT252H5 or MGT262H5 or MGT353H5 or MGT363H5 or ( MGT371H5 or MGT422H5) or MGT374H5 or MGT393H5
    3. 1.0 credit in MGT at 200+ level
    4. 1.0 credit in MGT at 400 level
  2. ECO Requirements (6.0 credits)
    1. ECO206Y5 and ECO208Y5 and [ ECO227Y5 or ( STA258H5 and STA260H5)]
    2. ECO375H5
    3. 1.0 credit in Economic History from: ECO302H5 or ECO303H5 or ECO322Y5 or ECO323Y5
    4. ECO325H5 and ECO326H5
    5. 0.5 credit in ECO at the 300+ level
  3. Writing Component (1.0 credit). 1.0 credit chosen from the following:

ERSPE0137

Economics and Political Science - Specialist (Arts)

Economics and Political Science - Specialist (Arts)

Enrolment Requirements:

Limited Enrolment — Enrolment in this program is limited. Students enrolling at the end of first year (4.0 credits) must obtain:
Students enrolling at the end of second year (8.0 credits) must obtain:

Enrolment in the UTMCIP stream of this program is limited to students who have completed 4.0 credits, including:

Students who have achieved a cumulative GPA of at least 3.0 are encouraged to apply. Students must be in good standing with no outstanding academic integrity cases.

Completion Requirements:

14.5 credits are required.
ISP100H5 (0.5 credit)
Economics: 7.0 credits
  1. ECO100Y5 or ( ECO101H5 and ECO102H5)
  2. MAT133Y5 or ( MAT132H5 and MAT134H5) or ( MAT135H5 and MAT136H5) or ( MAT137H5 and MAT139H5)
  3. ( ECO200Y5 or ECO204Y5 or ECO206Y5) and ( ECO202Y5 or ECO208Y5 or ECO209Y5) and [ ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5 or STA258H5 or STA260H5)]
  4. ( ECO302H5 and ECO303H5) or ECO322Y5 or ECO323Y5
  5. 1.0 credit of ECO at the 300/400-level
Political Science: 7.0 credits in POL, including at least 1.0 credit at the 400 level and no more than 1.0 credit at the 100 level.
  1. POL200Y5 and ( POL215H5 and POL216H5) and ( POL243H5 and POL244H5) and POL309Y5
  2. 1.0 credit each (total 2.0 credits) from two of the following three fields:
    a. Comparative Politics - ( POL203Y5 or POL203H5) or ( POL218Y5 or POL218H5 or POL219H5) or POL300Y5 or POL300H5 or [ POL302Y5 or ( POL313H5 and POL314H5)] or POL302H5 or ( POL303Y5 or POL303H5) or ( POL304Y5 or POL304H5)or POL332Y5 or ( POL354Y5 or POL354H5) or POL360H5 or POL361H5 or POL362H5 or POL373H5 or POL390H5 or POL391H5 or POL438Y5 or POL438H5 or POL440Y5 or POL443Y5 or POL443H5 or POL444H5 or POL445H5 or POL446H5 or POL447H5 or POL448H5
    b. International Relations - ( POL208Y5 or POL209H5 or POL210H5) or POL305H5 or POL307H5 or ( POL310Y5 or POL311H5 or POL312H5) or ( POL327Y5 or POL327H5) or POL340Y5 or ( POL343Y5 or POL344H5 or POL345H5) or POL370H5 or POL406H5 or POL407H5 or POL486Y5 or POL486H5 or POL487H5
    c. Public Policy and Public Administration - POL316Y5 or ( POL317Y5 or POL317H5) or POL318H5 or POL336Y5 or POL346Y5 or POL353Y5 or ( POL355Y5 or POL355H5) or ( POL368H5 or POL368Y5) or ( POL369Y5 or POL370H5 or POL371H5 or POL372H5) or POL493H5 or JEP351H5 or JEP356H5 or JEP452H5 or JPE250Y5 or JPE251H5 or JPE252H5
  3. 1.0 credits of POL

ERSPE0751

Financial Economics - Specialist (Science)

Financial Economics - Specialist (Science)

This program is intended for students planning careers in finance. It prepares students for jobs in banks, investment services, insurance companies, and finance departments of corporations and government agencies. This program will also prepare students for graduate studies in Economics or Financial Economics. Many courses in the program have a technical or analytical focus. This program has a stronger focus on courses related to Financial Economics than the Economics Specialist program (ERSPE1478).

Enrolment Requirements:

Limited Enrolment — Enrolment in this program is limited to students with:

There will be a limited number of spaces available to students with 8.0 credits (including the prerequisites listed above) and a CGPA of 3.30 or with the approval of the Chair or Associate Chair of the Economics Department.

Students enrolled in this program cannot be simultaneously enrolled in the Economics Specialist (ERSPE1478), Economics Specialist-BCOM(ERSPE0137), Economics Major (ERMAJ1478), Economics Minor (ERMIN1478), or Commerce: Finance Specialist (ERSPE2034) program.



Completion Requirements:

13.0 credits, including at least 1.0 credit at the 400 level.

First Year:

  1. ECO100Y5 or ( ECO101H5 and ECO102H5)
  2. One of the following:
    1. MAT133Y5 and MAT233H5; or
    2. MAT135H5 and MAT136H5 and MAT223H5

Note: ( MAT135H5 and MAT136H5) can be replaced by ( MAT132H5 and MAT134H5) or MAT137Y5 or ( MAT137H5 and MAT139H5) or MAT157Y1

Higher Years:

  1. ECO206Y5
  2. ECO208Y5
  3. ECO227Y5 or ( STA256H5 and STA260H5)
  4. ECO325H5 and ECO326H5
  5. ECO375H5
  6. ECO358H5 and ECO359H5
  7. 5.0 credits of ECO at the 300/400-level of which at least 1.5 credits must be chosen from ECO348H5, ECO349H5, ECO356H1, ECO434H5, ECO440H5, ECO456H5, ECO460H5, ECO461H5, ECO462H1, ECO463H5, ECO475H5. Not more than 1.0 credit in Economic History.

ERSPE2722

Economics - Major (Arts)

Economics - Major (Arts)

Enrolment Requirements:

Limited Enrolment — Enrolment in the Major program is limited to students with 4.0 completed credits including:


Students enrolled in this program cannot be simultaneously enrolled in the Economics Specialist (ERSPE1478), Financial Economics Specialist (ERSPE2722), Economics Specialist – BCOM (ERSPE0137), or Economics Minor (ERMIN1478) program.

Enrolment in the UTMCIP stream of this program is limited to students who have completed 4.0 credits, including:

Students who have achieved a cumulative GPA of at least 3.0 are encouraged to apply. Students must be in good standing with no outstanding academic integrity cases.

Completion Requirements:

7.0 credits are required.

First Year:

[ ECO101H5 and ECO102H5] or ECO100Y5;
and MAT133Y5 or ( MAT132H5 and MAT134H5) or ( MAT135H5 and MAT136H5) or ( MAT137H5 and MAT139H5) or MAT137Y5.

Second Year:
ECO200Y5 or ECO204Y5 or ECO206Y5;
and ECO202Y5 or ECO208Y5 or ECO209Y5;
and ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)

Higher Years:
2.0 credits in 300/400 level ECO courses

NOTE:

  • ECO205Y5, ECO244Y5 and ECO261H5 cannot be used to fulfill the requirements for this program.
  • MGT437H5 can be used as an ECO 300/400 course to satisfy the program requirements for an Economics Major.

ERMAJ1478

Economics - Minor (Arts)

Economics - Minor (Arts)

Enrolment Requirements:

Limited Enrolment — Enrolment in the Minor program is limited to students with:


Students enrolled in this program cannot be simultaneously enrolled in the Economics Specialist (ERSPE1478), Financial Economics Specialist (ERSPE2722), Economics Specialist – BCOM (ERSPE0137), or Economics Major (ERMAJ1478) program.

Completion Requirements:

4.0 credits are required, including 1.0 credit at the 300/400 level.

First Year:

  1. ECO100Y5 or ( ECO101H5 and ECO102H5)
  2. ( MAT133Y5 or ( MAT132H5 and MAT134H5) or ( MAT135H5 and MAT136H5) or MAT137Y5 or ( MAT137H5 and MAT139H5)).

Second Year: ECO200Y5 or ECO204Y5 or ECO206Y5

Higher Years: 1.0 ECO credit at the 300/400 level. Note: ECO205Y5, ECO244Y5 and ECO261H5 cannot be used to fulfill the requirements for this program.


ERMIN1478

Certificate in Advanced Economics

Certificate in Advanced Economics

The Certificate in Advanced Economics is open to students who seek a more formal and deeper analysis of economic models and their application. The requirements include core advanced courses in the three main fields of economics: microeconomics, macroeconomics, and econometrics that will help prepare students for graduate and professional studies as well as provide valuable applicable skills for future careers.

Enrolment Requirements:

Limited Enrolment – Enrolment in the Certificate in Advanced Economics is limited to students who are:

  1. In good academic standing with a min. CGPA of 1.50; and
  2. Concurrently enrolled in a program or set of programs that fulfill the requirements of an HBA, HBSc, or BCom degree (see Section 7 Degree Requirements of the Academic Calendar).

Completion Requirements:

2.0 credits with average grade of 65% or higher are required.

Required courses:


ERCER1478

First year preparation: (ECO101H5 and ECO102H5) or ECO100Y5 and MAT133Y5 or MAT134Y5 or (MAT132H5 and MAT134H5) or MAT135Y5 or (MAT135H5 and MAT136H5) or MAT137Y5 or (MAT137H5 and MAT139H5).

Enrolment in Economics programs is based on grades in (ECO101H5 and ECO102H5) or ECO100Y5 and MAT133Y5 or MAT134Y5 or (MAT132H5 and MAT134H5) or MAT135Y5 or (MAT135H5 and MAT136H5) or MAT137Y5 or (MAT137H5 and MAT139H5).

Notes:

  • The enrolment in most Economics courses above the 100 level and, therefore, in all Economics programs, is based on grades in (ECO101H5 and ECO102H5) or ECO100Y5 and MAT133Y5 or MAT134Y5 or (MAT132H5 and MAT134H5) or MAT135Y5 or (MAT135H5 and MAT136H5) or MAT137Y5 or (MAT137H5 and MAT139H5). ECO200Y5 or ECO204Y5 or ECO206Y5 and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)), are required for most 300-level ECO courses.
  • Students should consult this calendar and the U of T Mississauga Registration Guide (available at www.utm.utoronto.ca/reg) which set out the course enrolment criteria. Not all courses are offered each year.
  • Academic performance requirements are necessary as a condition for enrolment into 200-level ECO courses. (See Prerequisites listed under each course).
  • Prerequisites must be met before registering in Economics courses. These prerequisites are checked carefully by the department. It is the student's responsibility to ensure that the proper prerequisites have been met. Students may check with the Economics Undergraduate Advisor if they are not sure whether prerequisites are met.
  • Students wishing to use courses from other institutions for prerequisite purposes must submit a copy of their transcript to the Economics Undergraduate Advisor before classes begin. Students who do not have the relevant prerequisites will be deregistered from those courses after classes have begun. It may then be too late to enrol in another course, consequently an additional term or year may be necessary to meet degree requirements.

Economics Courses

ECO101H5 • Principles of Microeconomics

An introduction to the basic concepts and techniques of microeconomic theory, including: price determination through supply and demand, market failure, microeconomic theories of households and firms, and market structure.

Exclusions: ECO100Y5 or ECO101H1 or ECO100Y1 or ECO105Y1 or MGEA01H3 or MGEA02H3

Distribution Requirement: Social Science
Total Instructional Hours: 26L/12T
Mode of Delivery: In Class

ECO102H5 • Principles of Macroeconomics

An introduction to the basic concepts and techniques of macroeconomic theory, including: the determination and measurement of national income, money and banking, monetary and fiscal policy in closed and open economies.

Prerequisites: ECO101H5 or ECO101H1
Exclusions: ECO100Y5 or ECO102H1 or ECO100Y1 or ECO105Y1 or MGEA05H3 or MGEA06H3

Distribution Requirement: Social Science
Total Instructional Hours: 26L/12T
Mode of Delivery: In Class

ECO200Y5 • Microeconomic Theory

An intermediate treatment of the basic tools of economic analysis. Applications may include: choice under uncertainty, oligopoly, industrial organization, pricing, resource allocation, externalities, public goods, income distribution and welfare economics. *ECO200Y5 is not open to Commerce or Management Specialist/Major students during Fall/Winter.

Prerequisites: (ECO101H5(63%) and ECO102H5(63%)) or ECO100Y5(63%)
Corequisites: MAT133Y5 or MAT135H5 or MAT136H5 or MAT135Y5 or MAT137H5 or MAT139H5 or MAT137Y5
Exclusions: ECO204Y5 or ECO205Y5 or ECO206Y5 or ECO200Y1 or ECO204Y1 or ECO206Y1

Distribution Requirement: Social Science
Total Instructional Hours: 48L/24T
Mode of Delivery: In Class

ECO202Y5 • Macroeconomic Theory and Policy

Macroeconomics studies the economy as a whole. The issues it covers include: Why are some countries much richer than others? Why do most Canadians live much better than their ancestors? Why are there recessions in economic activity? What are the causes of inflation and unemployment? What are the consequences of opening up trade and investment with the rest of the world? This course develops a series of models to answer these and similar questions. *ECO202Y5 is not open to Commerce students in Fall/Winter

Prerequisites: (ECO101H5 (63%) and ECO102H5 (63%)) or ECO100Y5(63%)
Corequisites: MAT133Y5 or MAT135H5 or MAT136H5 or MAT135Y5 or MAT137H5 or MAT139H5 or MAT137Y5
Exclusions: ECO208Y5 or ECO209Y5 or ECO202Y1 or ECO208Y1 or ECO209Y1

Distribution Requirement: Social Science
Total Instructional Hours: 52L/24T
Mode of Delivery: In Class

ECO204Y5 • Microeconomic Theory and Applications (for Commerce and Management)

The course uses microeconomics to analyze a variety of issues from marketing and finance to organizational structure. Topics include consumer preferences and behaviour; demand, cost analysis and estimation; allocation of inputs, pricing and firm behaviour under perfect and imperfect competition; game theory and public policy, including competition policy. Business cases are used to connect theory and practice and to highlight differences and similarities between economics and accounting, marketing and finance. This course is restricted to students in a Commerce or Management program.

Prerequisites: (ECO101H5 (63%) and ECO102H5 (63%)) or ECO100Y5(63%)
Corequisites: MAT133Y5 or MAT135H5 or MAT136H5 or MAT135Y5 or MAT137H5 or MAT139H5 or MAT137Y5
Exclusions: ECO200Y5 or ECO205Y5 or ECO206Y5 or ECO200Y1 or ECO204Y1 or ECO206Y1
Enrolment Limits: Enrolment in a B.Com Specialist or Major program Enrolment in Management Specialist program

Distribution Requirement: Social Science
Total Instructional Hours: 52L/24T
Mode of Delivery: In Class

ECO206Y5 • Microeconomic Theory

A rigorous mathematical treatment of the basic tools of economic analysis regarding consumer and producer theory. Applications may include but are not limited to: choice under uncertainty, oligopoly, industrial organization, pricing, resource allocation, intertemporal consumption, labour supply, externalities, public goods, income distribution and welfare economics. This course is a requirement for certain Specialist Programs and is strongly recommended for students contemplating graduate school.

Prerequisites: [(ECO101H5 (70%) and ECO102H5 (70%)) or ECO100Y5(70%)] and [MAT133Y5 (80%) or MAT135Y5 (63%) or (MAT135H5 (63%) and MAT136H5 (63%)) or MAT137Y5 (60%) or (MAT137H5 (60%) and MAT139H5 (60%))]
Exclusions: ECO200Y5 or ECO204Y5 or ECO205Y5 or ECO200Y1 or ECO204Y1 or ECO206Y1

Distribution Requirement: Social Science
Total Instructional Hours: 48L/24T
Mode of Delivery: In Class

ECO208Y5 • Macroeconomic Theory

This course provides a rigorous discussion of models used in the study of macroeconomic phenomena, including business cycles, economic growth, unemployment, inflation, exchange rates, and international trade. This course is a requirement for certain Specialist Programs, and strongly recommended for students contemplating graduate school.

Prerequisites: [(ECO101H5 (70%) and ECO102H5 (70%)) or ECO100Y5 (70%)] and [MAT133Y5 (80%) or (MAT135H5 (63%) and MAT136H5 (63%)) or MAT135Y5 (63%) or MAT137Y5 (60%) or (MAT137H5 (60%) and MAT139H5 (60%))]
Exclusions: ECO202Y5 or ECO209Y5 or ECO202Y1 or ECO208Y1 or ECO209Y1

Distribution Requirement: Social Science
Total Instructional Hours: 48L/24T
Mode of Delivery: In Class

ECO209Y5 • Macroeconomic Theory and Policy (for Commerce)

This course covers macroeconomic topics relevant for commerce students. Analytical tools are used to examine various policy questions, including fiscal policy, monetary policy, exchange rate policy, foreign trade policy, labour market policy, and government regulation of financial intermediaries.

Prerequisites: [ECO101H5(63%) and ECO102H5(63%)] or ECO100Y5(63%)
Corequisites: MAT133Y5 or MAT135H5 or MAT136H5 or MAT135Y5 or MAT137H5 or MAT139H5 or MAT137Y5
Exclusions: ECO202Y5 or ECO208Y5 or ECO202Y1 or ECO208Y1 or ECO209Y1
Enrolment Limits: Enrolment in a B.Com Specialist or Major program

Distribution Requirement: Social Science
Total Instructional Hours: 48L/24T
Mode of Delivery: In Class

ECO220Y5 • Introduction to Data Analysis and Applied Econometrics

An introduction to the use of statistical analysis, including such topics as elementary probability theory, sampling distributions, tests of hypotheses, estimation; analysis of variance and regression analysis. Emphasis is placed on applications in economics and business problems.

Prerequisites: [(ECO101H5 (63%) and ECO102H5 (63%)) or ECO100Y5 (63%)] and [MAT133Y5 (63%) or (MAT135H5 and MAT136H5) or MAT135Y5 or (MAT137H5 and MAT139H5) or MAT137Y5]
Exclusions: ECO220Y1 or BIO360H5 or BIO361H5 or (MAT123H1 and MAT124H1) or (PSY201H5 and PSY202H5) or [1.0 credit from (STA218H5 or MGT218H5) or STA220H5 or STA221H5 or STA256H5 or STA258H5 or STA260H5]

Distribution Requirement: Social Science
Total Instructional Hours: 52L/24P
Mode of Delivery: Online, In Class, Hybrid

ECO227Y5 • Foundations of Econometrics

This course provides students with a rigorous introduction to statistical analysis such as probability models, random variables, point and interval estimation, hypothesis testing, probability theory, estimation theory, sampling distributions, hypothesis testing, and simple regression analysis. By the end of the course, students should be familiar with the basic tools used to model uncertainty in economics and finance, to test hypotheses, and to estimate model parameters. This course focuses on both the theory and application of these statistical methods. It provides a solid foundation for subsequent courses in econometrics. This course is recommended for students planning graduate studies in Economics.

Prerequisites: [(ECO101H5(70%) and ECO102H5(70%)) or ECO100Y5(70%)] and [MAT133Y5(80%) or (MAT135H5(63%) and MAT136H5(63%)) or MAT135Y5(63%) or (MAT137H5(60%) and MAT139H5(60%))  or MAT137Y5(60%)]
Exclusions: ECO227Y1 or BIO360H5 or BIO361H5 or (PSY201H5 and PSY202H5) or SOC350H5 or SOC351H5 or (1.0 credit from STA218H5 or STA220H5 or STA221H5 or STA256H5 or STA258H5 or STA260H5 or STA255H1)

Distribution Requirement: Social Science
Total Instructional Hours: 48L/24T
Mode of Delivery: In Class

ECO251H5 • Special Topics in Economics

This course covers a special topic in Economics. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Additional details are available from the academic advisor or departmental website. Limited Enrolment. The contact hours for this course may vary in terms of contact type (L,S,T,P) from year to year, but will be between 24-36 contact hours in total. See the UTM Timetable.


Distribution Requirement: Social Science
Total Instructional Hours: 24L/12P
Mode of Delivery: In Class

ECO252H5 • Special Topics in Economics

This course covers a special topic in Economics. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Additional details are available from the academic advisor or departmental website. Limited Enrolment. The contact hours for this course may vary in terms of contact type (L,S,T,P) from year to year, but will be between 24-36 contact hours in total. See the UTM Timetable.


Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO299H5 • Research Opportunity Program

This course provides a richly rewarding opportunity for students in their second year to work in the research project of a professor in return for 299H course credit. Students enrolled have an opportunity to become involved in original research, learn research methods and share in the excitement and discovery of acquiring new knowledge. Project descriptions for participating faculty members for the following summer and fall/winter sessions are posted on the ROP website (www.utm.utoronto.ca/rop/research-opportunity-program) in mid-February and students are invited to apply at that time. See Experiential and International Opportunities for more details.

Prerequisites: 4.0 credits, including 1.0 ECO credit

Distribution Requirement: Social Science
Mode of Delivery: In Class

ECO299Y5 • Research Opportunity Program

This course provides a richly rewarding opportunity for students in their second year to work in the research project of a professor in return for 299Y course credit. Students enrolled have an opportunity to become involved in original research, learn research methods and share in the excitement and discovery of acquiring new knowledge. Project descriptions for participating faculty members for the following summer and fall/winter sessions are posted on the ROP website (www.utm.utoronto.ca/rop/research-opportunity-program) in mid-February and students are invited to apply at that time. See Experiential and International Opportunities for more details.


Prerequisites: 4.0 credits, including 1.0 ECO credit

Distribution Requirement: Social Science
Mode of Delivery: In Class

ECO302H5 • World Economic History Prior to 1870

This course will focus on the economic success and failure of several key countries and regions from the start of the second millennium up to the early twentieth century. Topics include: pre-modern growth in China & India vs. Europe, the first industrial revolution, exploitation and international trade in the British Empire, the standards-of-living debate, the second industrial revolution. This course is part of the Certificate in Global Perspectives.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5)
Recommended Preparation: ECO220Y5 or ECO227Y5

Distribution Requirement: Social Science
Total Instructional Hours: 24L/12T
Mode of Delivery: In Class

ECO303H5 • World Economic History After 1870

This course will focus on the economic success and failure of several key countries and regions during the twentieth century. Topics include: globalization, causes and consequences of interwar instability, a history of modern development (Japan, the Asian Tigers, India & China vs. Latin America), new institutional economics & new economic geography: African atrophy. This course is part of the Certificate in Global Perspectives.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5)
Exclusions: ECO341H1 or ECO324H1 or ECO342Y1
Recommended Preparation: (ECO220Y5 or ECO227Y5) and ECO302H5

Distribution Requirement: Social Science
Total Instructional Hours: 24L/12T
Mode of Delivery: In Class

ECO311H5 • Pricing Strategies

The course studies firms’ pricing decisions drawing on tools from economic theory. Some examples of the questions that are addressed are: How does a firm determine the price for a new product? How should it optimally price to different market segments? What form do these prices take? When and how should a firm change prices overtime? When should an auction be used to sell a product? What type of auction yields greater profits? The analysis is supplemented by real world examples and case studies from the business world.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [(ECO220Y5 or ECO227Y5) or (1.0 credit from STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO310Y5 or ECO380H5

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO312H5 • Firms and Markets

This course studies firms’ strategies and the role of government regulators in different markets. Specifically, it studies strategic decisions that firms make when they interact with other firms. These include how to price in the face of competition, how much to invest in R&D or advertising, and whether to buy a rival (by merging, integrating). The course also analyzes the conditions under which firm’s choices require intervention by market regulators due to a tension between firms’ profits and consumer welfare. The course draws on tools from microeconomics and game theory, and the analysis is supplemented by real world examples and case studies from the business world.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [(ECO220Y5 or ECO227Y5) or (1.0 credit from STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO310Y5 or ECO380H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO313H5 • Environmental Economics

Application of economics to the field of environmental and natural resource economics. This course uses economic theory and empirical evidence to address important environmental issues, such as management of renewable and non-renewable resources, and different forms of environmental regulation and pollution control. The course will focus on market based instruments, such as tradeable pollution rights, and climate change problems.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO220Y5 or ECO227Y5 or 1.0 credit from STA256H5 or STA258H5 or STA260H5)
Exclusions: ECO313H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L/12T
Mode of Delivery: In Class

ECO315H5 • Economics of Poverty

This course will focus on the microeconomic analysis of the causes and consequences of poverty. The emphasis will be on developing countries but we will also draw parallels to poverty in industrialized countries such as Canada. Psychological, cultural, social, and institutional factors will be considered along with an exploration of policy solutions. Some of the topics we will cover include inequality, nutrition, health, education, fertility, credit, savings, and entrepreneurship.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).
Exclusions: ECO324Y5 (20149)

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO320H5 • Economic Analysis of Law: Part 1

This course examines the economic basis for law and legal institutions. The topics covered include the microeconomic analysis of property rights, contract law, tort law, crime, and the limitations of economic analysis. The appropriate economic measures of damages in tort and contract cases will be discussed. No previous familiarity with the law is assumed. (This is an economic analysis of legal issues, not a course in law.)

Prerequisites: ECO200Y5 or ECO204Y5 or ECO206Y5
Exclusions: ECO320Y5 or ECO320H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO321H5 • Economic Analysis of Law: Part 2

This course is a continuation of ECO320H5 An Economic Analysis of Law: Part 1. The topics covered include the microeconomic analysis of corporate law, law and financial markets, bankruptcy law, intellectual property law, marriage and divorce law and the choice between regulation and the common law.

Prerequisites: ECO320H5
Exclusions: ECO320Y5

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO324H5 • Economic Development

Economic development and transformation of the low-income countries of Latin America, Africa and Asia. Theory and policy analysis relating to the following economic issues in these countries: higher rates of economic growth, the role of the government in resource allocation, the industrial-agricultural sector interface, inward versus outward looking trade strategies, and the international debt problem. The following problems will also be addressed: food supply, domestic savings, tax revenue, foreign exchange, foreign direct investment, high rates of inflation, benefit-cost analysis and economic planning.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO324Y5 or ECO324Y1 or ECO324H1 or ECO352H5S: Special Topics Economics of Poverty (20161)

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO325H5 • Advanced Economic Theory - Macro

This course studies the economic foundations of macroeconomic theory and develops analytical skills in constructing and solving macroeconomic models. This course is recommended for students contemplating graduate studies. This course is part of the Certificate in Advanced Economics.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [ECO202Y5(70%) or ECO208Y5 or ECO209Y5(70%)] and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO325H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO326H5 • Advanced Economic Theory - Micro

This course is an advanced analysis of microeconomic theory, including the behaviour of consumers under uncertainty; issues in poverty, inequality and social welfare; game theory and its applications to economics and political economy. This course is recommended for students contemplating graduate studies. This course is part of the Certificate in Advanced Economics.

Prerequisites: [ECO200Y5(70%) or ECO204Y5(70%) or ECO206Y5] and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO316H1 or ECO326H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO333H5 • Urban Economics

This is a course on the application of economic analysis to four major areas of urban activity. The areas are land markets, housing and buildings, transportation, and public finance. In each area, we will consider the role of the government and attempt to understand the source of many current urban economic problems.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO333H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L/12T
Mode of Delivery: In Class

ECO335H5 • Public Economics I: Global Warming, Biodiversity Loss and Inequality

Public Economics I focuses on contemporary public policy questions. The goal of the course is to help students develop and apply analytical tools, such as cost-benefit analysis, to examine pressing policy issues of our time. Issues include responses to global warming, preserving biodiversity, combating growing inequality, and the regulation of addictive substances. Students will learn how to use empirical evidence to examine these issues. The course places a strong emphasis on discussion, debate, and effective writing about policy issues from an economics perspective.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5 or STA258H5 or STA260H5)).
Exclusions: ECO336Y5 or ECO336H1 or ECO337H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO336H5 • Public Economics II: Advanced Policy Analysis

Public Economics II builds on Public Economics I (although the latter is not a prerequisite). The course focuses on externalities and market failure, and the appropriate role of government in response. Students will study the actual role of government in a variety of settings, with a view to identifying ways of improving economic efficiency and the quality of the environment (among other desirable ends) through different types of policy reform. The course should appeal to students who would like to learn more about applied microeconomic analysis and/or who are interested in public policy issues. The course will provide students with a useful set of microeconomic tools for analyzing public policy questions. Students will also learn basic empirical methods, develop effective writing skills, and apply the techniques learned to examine a variety of interesting current policy issues.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [(ECO220Y5 or ECO227Y5) or (1.0 credit from STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO336Y5 or ECO336H1 or ECO337H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO343H5 • Labour Economics and Public Policy

This course uses both applied microeconomic theory and empirical analysis to examine labour markets in Canada. The course is especially focused on the link between research and public policy. Topics to be covered include: labour supply and demand, minimum wages, immigration, human capital, education production, inter- and intra-generational equality, and peer effects. At the end of the course, students should have a firm grasp of key policy issues involving Canada's labour market and be able to critique the quality of other empirical studies.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).
Exclusions: ECO361Y5 or ECO239Y1 or ECO339Y1 or ECO339H1 or ECO340H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO344H5 • Labour Economics and Market Frictions

This course studies the economic behaviour of employers and employees as they interact in the labour market. The class extends beyond basics of labour supply and demand to consider cases when markets are not always perfectly competitive. The course will cover such topics as segmented labour markets, unionization and collective bargaining, unemployment, monopsony, and discrimination. 

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).
Exclusions: ECO361Y5 or ECO239Y1 or ECO339Y1 or ECO339H1 or ECO340H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO345H5 • Macroeconomics and the Labour Market

This course aims to provide students with an overview of recent macroeconomic research on the labour market. Discussion includes theoretical models as well as empirical evidence. Topics include: search frictions, labour market flows, sorting, inequality, occupational mobility, human capital accumulation, and intergenerational mobility.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).
Exclusions: Students who completed ECO352H5 Special Topics: Macroeconomics & the Labour Market are not eligible.

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO348H5 • Foundations of Money and Banking

The strategy of the course is to develop a series of models to examine the importance of money and banks. The topics examined in this framework include: the role of money and the financial system, effects of inflation, public pensions and national debt, and the role and importance of banks.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).
Exclusions: Students who have taken ECO352H5 Special Topics: Fundamentals of Money, Banking & Financial Markets are not eligible for this course

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO349H5 • Money, Banking & Financial Markets

This course explores a wide range of topics on the theories of money and banking. The strategy of the course is to develop a series of models to examine the importance of money, banks, and other financial institutions in the way economies work. The topics examined in this framework include: the role of money and the financial system, effects of inflation, bond and stock markets, banks, control of the money supply, and international monetary systems.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5 or STA258H5 or STA260H5)).
Exclusions: ECO349H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L/12T
Mode of Delivery: Online, In Class, Hybrid

ECO351H5 • Special Topics in Economics

This course covers a special topic in Economics. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Students require specific prerequisites for each course. Details are available from the academic advisor or departmental website. Limited Enrolment. The contact hours for this course may vary in terms of contact type (L,S,T,P) from year to year, but will be between 24-36 contact hours in total. See the UTM Timetable.

Prerequisites: Prerequisites will be posted on the departmental website, along with the title and description prior to course registration.

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO352H5 • Special Topics in Economics

This course covers a special topic in Economics. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Students require specific prerequisites for each course. Details are available from the student advisor or departmental web site.

Prerequisites: Prerequisites will be posted on the departmental website, along with the title and description, prior to course registration.

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO353H5 • Special Topics in Economics

This course covers a special topic in Economics. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Students require specific prerequisites for each course. Details are available from the student advisor or departmental website. The contact hours for this course may vary in terms of contact type (L,S,T,P) from year to year, but will be between 24-36 contact hours in total. See the UTM Timetable.


Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO358H5 • Financial Economics I

This course provides an introduction to capital markets and asset pricing. We will cover the role of financial markets, project valuation, expected utility and risk aversion, financial risk, general equilibrium pricing, the Capital Asset Pricing Model, Arbitrage Pricing Theory, derivatives, option pricing, term structure of interest rates, foreign exchange markets, and market efficiency.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [(ECO220Y5 or ECO227Y5) or (1.0 credit from STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO358H1 or MGT231H5 or MGT331Y1 or MGT337Y5 or MGT338H5 or ACT349H1 or RSM332H1
Enrolment Limits: ECO358H5 is not open to Commerce students.

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO359H5 • Financial Economics II

This course provides an introduction to Corporate Finance. Topics covered include: project valuation, firm's capital structure, dividend policy, management control and agency problems, public share offerings, debt offerings and auctions, mergers and acquisition, bankruptcy costs, tax-influences and bank runs. This course is the sequel to ECO358H5.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [(ECO220Y5 or ECO227Y5) or (1.0 credit from STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO359H1 or MGT231H5 or MGT232H5 or MGT331Y1 or MGT337Y5 or MGT338H5 or MGT339H5 or ACT349H1 or RSM333H1
Enrolment Limits: ECO359H5 is not open to Commerce students.

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO362H5 • Economic Growth: Theory and Evidence

Differences in income per capita levels and growth rates across countries are large. Understanding the causes behind these differences is a fundamental question in economics. The main objective of this course is to apply economic theory to understand and interpret empirical observations on economic development and growth. By the end of this course students will have a basic knowledge of the main facts characterizing economic development and growth over time and across countries, as well as the ability of theoretical models to account for these facts. The topics that will be covered in the course include the role of physical and human capital accumulation in growth and income differences, the reallocation of factors across sectors (structural transformation) and aggregate productivity, the importance of the misallocation of resources across heterogeneous firms in aggregate productivity. Key empirical applications include the growth performance of industrialized countries since World War II and the productivity slowdown observed in recent decades, the stagnation of living standards in many developing countries, and the role of automation and artificial intelligence in growth and development.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)) and (MAT133Y5 or MAT134Y5 or (MAT132H5 and MAT134H5) or MAT135Y5 or (MAT135H5 and MAT136H5) or MAT137Y5 or (MAT137H5 and MAT139H5))
Exclusions: ECO451H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO364H5 • International Trade

An analysis of the nature, effects and policy implications of international trade theory; the theories of comparative costs and reciprocal demands, factor reward equalization, international tariffs and customs unions.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5)
Exclusions: ECO230Y1 or ECO231H1 or ECO364H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO365H5 • International Monetary Economics

An analysis of the nature, effects and policy implications of international finance; balance-of-payments and foreign exchange analysis; liquidity problems and topics related to current problems in international finance. 

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO328Y1 or ECO232H1 or ECO365H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO370Y5 • The Economics of Organizations

The determinants of the boundary between organizations and markets. Problems of centralization vs. decentralization, authority, coordination and motivation within organizations. Incentives, ownership and property rights. The nature of the employment relationship: explicit and implicit contracts, compensation, relative performance evaluation, career paths, job assignments and promotion.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO381H5 or ECO426H1 or MGT310Y1

Distribution Requirement: Social Science
Total Instructional Hours: 48L/24T
Mode of Delivery: In Class

ECO373Y5 • The Environment: Perspectives from Economics and Ecology

(Formerly ECO373H5) The course examines the basic principles of environmental economics and ecology and the interaction between ecological and economic factors. It assesses alternative criteria and objectives for environmental policy. Problems associated with the implementation of environmental policy are analyzed and examined through case studies.

Prerequisites: ECO100Y5(63%) and (ECO200Y5 or ECO204Y5 or ECO206Y5) or by permission of instructor
Exclusions: ECO313H1 or ECO373H5
Recommended Preparation: ENV100Y5

Distribution Requirement: Social Science
Total Instructional Hours: 48L/10T
Mode of Delivery: In Class

ECO375H5 • Applied Econometrics I

(Formerly ECO327Y5) This course is an introduction to econometrics. Statistical foundations and the interpretation of multiple regression models, with an emphasis on cross-sectional data. Application of regressions to a wide variety of economic questions and data sources, including the use of statistical software. Problems in the identification of causality, and an introduction to methods of addressing common statistical issues. This course is recommended for students contemplating graduate studies. This course is part of the Certificate in Advanced Economics.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and (ECO220Y5(70%) or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).
Exclusions: ECO327Y5 or ECO327Y1 or ECO375H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L/24P
Mode of Delivery: In Class

ECO380H5 • Managerial Economics: Competitive Strategy

This is a course in applied microeconomics. This course will use a series of real world examples, together with theoretical insights from game theory, to answer questions like, why are some industries more profitable than others? Why are some firms profitable while others are not? How can firms create, capture and maintain their profits in the face of competition? The first part of the course will be devoted to the building blocks of strategy, including industry analysis, positioning, and sustainability of competitive advantage. Next we will use game theoretical tools to analyze strategic interaction among firms, such as strategic pricing, entry and competitive bidding. Lastly, the course will cover the scope of the firm and technologic competition. Students shall learn from the course, the ability to identify and categorize major strategic problems, and suggest and evaluate candidate strategies.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO310Y5 or ECO311H5 or MGT310Y1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO381H5 • Managerial Economics: Personnel Economics

This course examines selected material on compensation and incentives in hierarchical organizations. Topics include recruitment and hiring, training, turnover, downsizing, motivating workers, teams, allocating authority and task assignment.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO370Y5 or ECO381H1 or MGT310Y1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO383H5 • Introduction to Empirical Methods of Microeconomics

(Formerly: Economics of Education) For students who would like to learn more about economics data analysis - this course provides an intuitive introduction to empirical methods in microeconomics. The class begins with a self-contained and intuitive treatment of modern methods used in microeconomic data analysis. We then go on to study some interesting current empirical research, focusing on the education field, to see how those methods are applied. The course should prepare you to read current empirical research in microeconomics -- without any preparation, empirical papers can seem rather impenetrable. This course serves as a complement to and a foundation for 'Applied Econometrics I' (ECO375H5).

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)] and [(MAT133Y5 or MAT135Y5 or (MAT135H5 and MAT136H5) or (MAT137H5 and MAT139H5) or MAT137Y5]
Exclusions: ECO351H5 (Winter 2007) or ECO338H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO385H5 • Economics of Information

This course analyses how markets function when market participants have asymmetric information. We will show how asymmetric information may lead to market breakdown and how an appropriately designed contract can help alleviate the adverse effect of asymmetric information on market efficiency. We will cover three types of models: moral hazard, screening and signaling. There are a wide variety of applications, including labour contracts, price discrimination, insurance markets, and marketing.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO399H5 • Research Opportunity Program

This course provides senior undergraduate students who have developed some knowledge of a discipline and its research methods, an opportunity to work in the research project of a professor in return for course credit. Students enrolled have an opportunity to become involved in original research, develop their research skills and share in the excitement and discovery of acquiring new knowledge. Project descriptions for participating faculty members for the following summer and fall/winter sessions are posted on the ROP website (www.utm.utoronto.ca/rop/research-opportunity-program) in mid-February and students are invited to apply at that time. See Experiential and International Opportunities for more details.

Prerequisites: Minimum of 10.0 credits completed.

Course Experience: University-Based Experience
Distribution Requirement: Social Science
Mode of Delivery: In Class

ECO399Y5 • Research Opportunity Program

This course provides senior undergraduate students who have developed some knowledge of a discipline and its research methods, an opportunity to work in the research project of a professor in return for course credit. Students enrolled have an opportunity to become involved in original research, develop their research skills and share in the excitement and discovery of acquiring new knowledge. Project descriptions for participating faculty members for the following summer and fall/winter sessions are posted on the ROP website (www.utm.utoronto.ca/rop/research-opportunity-program) in mid-February and students are invited to apply at that time. See Experiential and International Opportunities for more details.

Prerequisites: Minimum of 10.0 credits

Course Experience: University-Based Experience
Distribution Requirement: Social Science
Mode of Delivery: In Class

ECO400Y5 • Economics Internship

Through a part time, unpaid, 200-hour work placement, fourth year students apply economics content and skills. Placements are made throughout the GTA in both the private and public sectors. Successful candidates gain an opportunity to enhance their University experience through on-site work placements providing the possibility to develop skill sets within a business setting. Monthly class meetings plus year-end and presentation are required. Normally, the 200 hours will be completed by attending the work placement one full day each week from September to April. Students interested in a finance-industry placement are strongly recommended to arrange their course schedule to allow for a two day a week work placement in one semester. This arrangement increases the possibility of placement and enhances the experience although careful course planning is essential. More information is available on the Department of Economics website: https://www.utm.utoronto.ca/economics/experiential-learning.

Prerequisites: Fourth year standing in an Economics Program and recommended CGPA to be determined annually. Acceptance will be based on a combination of CGPA, experience, qualifications and interview performance.
Exclusions: BIO400Y5 or CCT409H5 or CTE388H5 or ENV400Y5 or FSC481Y5 or HIS498Y5 or ITA400Y5 or JEG400Y5 or JEG401Y5 or MGT480H5 or (CCT410H5 or CCT411H5) or POL405Y5 or PSY442Y5 or SOC480Y5 or WGS435Y5

Course Experience: Partnership-Based Experience
Distribution Requirement: Social Science
Total Instructional Hours: 48L
Mode of Delivery: In Class

ECO401Y5 • Special Topics in Economics

This course covers special topics in Economics at an advanced level. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Students require specific prerequisites for each course. Details are available from the student advisor or departmental website. The contact hours for this course may vary in terms of contact type (L,S,T,P) from year to year, but will be between 48-60 contact hours in total. See the UTM Timetable.


Distribution Requirement: Social Science
Total Instructional Hours: 48L
Mode of Delivery: In Class

ECO402H5 • Special Topics in Economics

This course covers a special topic in Economics. Content relates to instructor's area of interest, thus the course varies in focus from year to year. Students require specific prerequisites for each course. Details are available from the student advisor or departmental web site. The contact hours for this course may vary in terms of contact type (L,S,T,P) from year to year, but will be between 24-36 contact hours in total. See the UTM Timetable.


Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO406H5 • Advanced Public Economics

This course addresses empirical and theoretical issues in public economics. This course will be especially focused on issues related to poverty and inequality. Topics include minimum wage, social mobility, neighborhood effects, welfare, and social insurance. We will also discuss the tools economists use to measure the causal effects of policies, and consider how statistics often presented in policy debates may be biased. After this course, students should be comfortable reading research papers in economics.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).
Exclusions: ECO412Y5

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO411H5 • Human Capital and Education in the Economy

(Formerly ECO412Y5) This course addresses empirical and theoretical issues in education economics. Topics will include the interaction of human capital with growth and inequality, teacher incentives and teacher quality, early childhood education, and the racial achievement gap. We will also discuss the tools economists use to measure the causal effects of policies, and consider how statistics often presented in policy debates may be biased. After this course, students should be comfortable reading research papers in economics.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).
Exclusions: ECO412Y5

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO420Y5 • Reading Course, Seminar or Workshop

Primarily for advanced Specialist students who have exhausted course offerings in a particular subject area. Open only when a faculty member is willing and available to supervise. Students must obtain the written approval of the chair or associate chair before enrolling. See the student advisor for details.

Exclusions: ECO421H5 or ECO422H5

Distribution Requirement: Social Science
Mode of Delivery: In Class

ECO421H5 • Reading Course, Seminar or Workshop

Primarily for advanced Specialist students who have exhausted course offerings in a particular subject area. Open only when a faculty member is willing and available to supervise. Students must obtain the written approval of the chair or associate chair before enrolling. See the student advisor for details.

Exclusions: ECO420Y5 or ECO422H5.

Distribution Requirement: Social Science
Mode of Delivery: In Class

ECO422H5 • Reading Course, Seminar or Workshop

Primarily for advanced Specialist students who have exhausted course offerings in a particular subject area. Open only when a faculty member is willing and available to supervise. Students must obtain the written approval of the chair or associate chair before enrolling. See the student advisor for details.

Exclusions: ECO420Y5 or ECO421H5

Distribution Requirement: Social Science
Mode of Delivery: In Class

ECO433H5 • Gender and Family Economics

In this course, students will examine gender and the family within modern economics. Topics include: gender wage differentials in labour markets; labour force participation; marriage markets; intimate partner violence; fertility and the demand for children; divorce; and the life cycle of the family. Concepts are applied to current topics within the development and labour literatures. 

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]
Exclusions: ECO332H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO435H5 • Growth and Development of the Chinese Economy

Both the pace and scale of China's economic transformation over the last three decades are unprecedented in human history. Understanding the nature and the sources of this great transformation is important for at least two reasons. First, it may provide valuable lessons of economic development for other developing countries. Second, the Chinese economy has become increasingly integrated with the world economy. The growth prospect of China is important for both China and the rest of the world. This course will examine China's growth and development through the lens of the modern macroeconomic theory. The topics that will be covered in the course include China's historical growth performance, structural transformation and growth since 1978, resource reallocation and aggregate productivity changes, financial sector development, inflation and business cycles in China. This course is part of the Certificate in Global Perspectives.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO209Y5 or ECO208Y5) and (ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)).

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO436H5 • Measuring Well Being

The course concerns itself with measuring societal economic well being. The historical development of the subject is considered together with the conceptual issues (and objections) associated with representing the welfare of economic agents. Different notions of welfare (Poverty, Inequality, Polarization, Equality of Opportunity) and the various empirical techniques for examining them are critically explored and applied using existing datasets.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and [ECO220Y5 or ECO227Y5 or 1.0 credit from (STA256H5 or STA258H5 or STA260H5)]

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO440H5 • Advanced Topics in Financial Economics

This course deals with the following topics in financial economics: (1) Theoretical and empirical issues concerning the relevance of corporate financial structure; (2) Interactions between corporate investment and financing decisions; and (3) The role of the financial system and the legal system in economic development and growth. 

Prerequisites: [ECO200Y5 (70%) or ECO204Y5 (70%) or ECO206Y5] and ECO358H5 or by permission of instructor.

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO456H5 • Public Policy Analysis

(Formerly ECO356H5) This course provides an opportunity for students to work with real-world data to address current public policy questions. The course discusses issues that arise when analyzing non-experimental social science data and will teach students to recognize the types of research designs that can lead to convincing policy conclusions. A hands-on approach will be emphasized.

Prerequisites: (ECO200Y5 or ECO204Y5 or ECO206Y5) and (ECO202Y5 or ECO208Y5 or ECO209Y5) and (ECO220Y5(70%) or ECO227Y5 or (1.0 credit from STA256H5 or STA258H5 or STA260H5))
Corequisites: ECO375H5
Exclusions: ECO356H5

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO460H5 • Introduction to Financial Risk Management

This course provides an overview of financial risks which include market risk, credit risk and operational risk. It also discusses the importance of managing these risks and introduces students to basic tools for analyzing and managing them.

Prerequisites: [ECO200Y5(70%) or ECO204Y5(70%) or ECO206Y5] and [ECO220Y5(70%) or ECO227Y5 or 1.0 credit from (STA256H5(70%) or STA258H5(70%) or STA260H5)]
Exclusions: ECO461H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO461H5 • The Economics of Financial Risk Management

This course focuses on how to use derivative securities to manage financial risks. It includes a discussion of why firms should hedge financial market risk, identification and quantification of financial risks; the value-at-risk (VaR) measure of risk; credit risk and capital allocation and difference between speculation and hedging.

Prerequisites: ECO460H5
Exclusions: ECO461H1

Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO466H5 • Empirical Macroeconomics and Policy

Students will increase their data literacy and learn how to apply techniques to address policy issues. The topics covered will include the practical design of monetary policy, the rationale for current monetary policy in Canada, and statistical methods for predicting key macroeconomic variables. As part of the course, students will follow current global issues and will forecast how domestic and international events may alter the Bank of Canada's monetary policy in the short run. Students will team-up with their classmates, discuss their individual forecasts, and select one for a group presentation. Traditionally, at the end of the course, a team from ECO466H5 is chosen to compete in the Bank of Canada Governor’s Challenge.

Prerequisites: ECO325H5 and [ECO220Y5 or ECO227Y5 or (1.0 credit from STA256H5, STA258H5, STA260H5)] or Permission of Instructor/Department.
Exclusions: ECO402H5 Special Topics: Empirical Macroeconomics and Policy (20199), ECO466H1
Recommended Preparation: ECO375H5

Course Experience: University-Based Experience
Distribution Requirement: Social Science
Total Instructional Hours: 24L
Mode of Delivery: In Class

ECO475H5 • Applied Econometrics II

A research-oriented course continuing from ECO375H5. The regression model is extended in several possible directions: time series analysis; panel data techniques; instrumental variables; simultaneous equations; limited dependent variables. Students will complete a major empirical term paper, applying the tools of econometrics to a topic chosen by the student.

Prerequisites: ECO375H5
Exclusions: ECO327Y5 or ECO327Y1 or ECO475H1

Course Experience: University-Based Experience
Distribution Requirement: Social Science
Total Instructional Hours: 24L/24P
Mode of Delivery: In Class

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