Economics

Economics: Introduction

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Faculty Affiliation

Arts and Science

Degree Programs

Economics

​​​​MA​
PhD

​​Combined Degree Programs​

​​Overview

The Department of Economics at the University of Toronto is large and highly ranked. The teaching and research interests of its 75 graduate faculty members span a wide range of subjects and cover theory, applied data analysis and econometric methodology. 

The department offers both an MA and a PhD program in economics. The goal of the graduate programs is to further the student's capacity for economic analysis through rigorous instruction in theory, econometrics and a wide variety of fields. The MA and PhD course and research offerings provide great diversity, breadth and scope; students can readily specialize in almost any area of interest. Additionally, students may take suitable elective courses in statistics, mathematics, computer science and other allied fields. Students benefit from Economics’ close association with faculty members from related programs, such as those at the Rotman School of Management. They also benefit from the University of Toronto’s excellent facilities, including the best university library in Canada.

The department’s programs attract students from across Canada and all parts of the globe. Approximately 65 new MA students and 15 new PhD students are enrolled each year with total graduate student enrolment of approximately 150. 

MA graduates find employment in their area of interest in the public, private and not-for-profit sectors. They also successfully pursue a PhD program in economics. PhD graduates obtain academic placement and employment in the public and private sectors.

The Department of Economics and the Rotman School of Management also offer a professional Master of Financial Econ​omics (MFE) program.

Contact and Address

MA and PhD:
Web: www.economics.utoronto.ca
Email: www.economics.utoronto.ca/index.php/index/index/contact
Telephone: (416) 978-4544

MA and PhD Graduate Office
Department of Economics, Max Gluskin House
University of Toronto
150 St. George Street
Toronto, Ontario M5S 3G7
Canada​

Economics: Graduate Faculty

Full Members

Aguirregabiria, Victor - BA, MSc, PhD
Aivazian, Varouj - BS, MA, PhD
Alexopoulos, Michelle - BSc, MA, PhD
Anderson, Gordon - BA, MSc, PhD
Baker, Michael - BComm, MA, PhD
Bar-Isaac, Yeheskel (Heski) - BA, MSc, PhD
Baum-Snow, Nathaniel - AB, PhD
Benjamin, Dwayne - BSc, MA, PhD (Chair and Graduate Chair)
Bobonis, Gustavo - BA, PhD
Brandt, Loren - BS, MS, PhD
Burda, Martin - BSc, MA, PhD
Ching, Andrew Tat Tin - BA, MA, MA, PhD
Damiano, Ettore Vincenzo - AB, MA, MPH, PhD (Associate Chair, Graduate Studies)
Dhuey, Elizabeth Ann - BA, MEc, PhD
Duarte, Margarida - MEc, PhD
Faig, Miquel - MEc, PhD
Gourieroux, Christian - PhD
Hamilton, Gillian - MEc, PhD
Hosios, Arthur - BEng, MEng, MA, PhD
Hossain, Tanjim - PhD
Kambourov, Gueorgui - BA, MA, DPhil
Kramer, Lisa - BBA, PhD
Kuruscu, Burhanettin - BSc, MA, PhD
Lacetera, Nicola - PhD
McMillan, Robert - AB, DPhil
Melino, Angelo - BA, PhD
Mondria, Jordi - BA, MA, PhD
Morrow, Peter - BA, MA, PhD
Oreopoulos, Philip - BA, MA, PhD
Osborne, Martin - BA, PhD
Park, Andreas - MEc, MPH, PhD
Pesando, James - BA, MA, PhD
Peski, Marcin - BA, MA, MA, PhD
Pitchik, Carolyn - BA, MSc, PhD
Restuccia, Diego - BA, MA, PhD
Shi, Xianwen - PhD
Siow, Aloysius - BA, PhD
Smart, Michael - BA, BA, PhD
Stabile, Mark - BA, MA, PhD
Stewart, Colin - BSc, MPH, MA, MSc, PhD
Trebilcock, Michael - LLB, LLM
Trefler, Daniel - BA, MPH, PhD
Yatchew, Adonis - BA, MA, PhD
Zhu, Xiaodong - PhD

Members Emeriti

Berry, R Albert - BA, PhD
Carr, Jack - BCom, MA, PhD
Cohen, Jon - BA, MA, PhD
Dewees, Donald - LLB, BScEE, PhD
Eddie, Scott - BS, PhD
Floyd, John - BComm, MA, PhD
Fuss, Melvyn - BSc, MA, PhD
Gunderson, Morley - BA, MA, PhD
Helleiner, Gerald - BA, PhD
Hollander, Samuel - BSc, PhD
Hynes, J Allan - BA
Reid, Frank - BA, MSc, PhD
Watson, Andrew - BComm, BA, MA
Wilson, Thomas - BA, AM, PhD

Associate Members

Bau, Natalie - BA, PhD
Beauchamp, Jonathan - PhD
Blouin, Arthur - BA, MA, PhD
Celik, Murat - PhD
Cziraki, Peter - MPH, MA, MSc, PhD
Dasgupta, Kunal - BS, MA, MS, PhD
Dyrda, Sebastian - MA, MA, PhD
Eli, Shari - BA, PhD
Gonzalez-Navarro, Marco - PhD
Gu, Jiaying - BA, MSc, PhD
Halberstam, Yosh - BA, MA, PhD
Hall, Jonathan - BA, PhD
Hussain, Sayed - BA, PhD
Li, Nicholas - BA, MEc, PhD
Luo, Yao - BS, MA, PhD
Malinova, Ekaterina - BS, MA, PhD
Mourifie, Ismael - BMath, MSc, PhD
Ozkan, Serdar - MEc, PhD
Serafinelli, Michel - BA, MA, PhD, PhD
Shi, Shouyong - BSc, MA, PhD
Souza Rodrigues, Eduardo Augusto - PhD
Steinberg, Joseph - BA, PhD
Turner, Matthew - BA, AM, PhD
Wan, Yuanyuan - BA, MA, PhD
Webb, Ryan - BA, MA, PhD

Economics: Economics MA

Master of Arts​

Program Description

The MA is a course-work only program (i.e., has no thesis requirement) that may be taken on a full-time or part-time basis. It is designed for individuals who wish to work in the public, private and not-for-profit sectors, and also for students intending to pursue a PhD in economics. Students intending to apply to the PhD program must have a master’s degree; it is not possible to enter directly with a bachelor’s degree.

 

Minimum Admission Requirements

  • Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the Department of Economics' additional admission requirements stated below.

  • An appropriate bachelor's degree with at least a mid-B (75%) standing in the final year of the program.

  • Successful completion of full-year courses in calculus, intermediate microeconomics, intermediate macroeconomics, and statistics.

  • Admission is competitive, so accepted applicants will normally have achieved a standing considerably higher than the minimum of at least a mid-B (75%) in the final year.

  • All applicants who do not hold a degree from a Canadian university must submit an official Graduate Record Examination (GRE) General Test score. Applicants who hold a degree from a Canadian university are strongly encouraged to submit an official GRE General Test score. See the departmental website for details.

Program Requirements

  • Successful completion of 4.5 full-course equivalents (FCEs) as follows:

    • 0.5 FCE mathematics and statistics course (ECO 1010H);

    • 4.0 FCEs including the core courses in micro (ECO 2060H), macro (ECO 2061H), and econometrics (ECO 2408H). Five 0.5 FCE elective courses are selected from our current courses or may be graduate courses with strong economic content offered by another unit. At most two (1.0 FCE) of the five courses may be offered by another unit, and these courses must be approved by the Associate Chair, Graduate Studies. Units that offer courses that we may approve include Mathematics, Statistical Sciences, and the Rotman School of Management. 

    • An MA student may be permitted to fulfil core courses requirements by taking the corresponding PhD level core courses (ECO 2020H PhD microeconomics, ECO 2021H PhD macroeconomics, or ECO 2400H PhD econometrics). To make this substitution, the student will be required to take the PhD level ECO 1011H (mathematics and statistics course), and must obtain written permission from the Associate Chair, Graduate Studies prior to starting the mathematics and statistics course in August.

Program Length

2 sessions full-time (typical registration sequence: F/W);
6 sessions part-time

Time Limit

3 years full-time;
6 years part-time

Economics: Economics PhD

​Doctor of Philosophy

Minimum Admission Requirements

  • Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the Department of Economics' additional admission requirements stated below.

  • Minimum B+ standing in an MA program in economics. Admission is competitive, so accepted applicants will normally have achieved a standing considerably higher than the minimum B+.

  • A strong preparation in advanced mathematics, statistics, and economics, including successful completion of MA-level microeconomic theory, macroeconomic theory, and econometrics.

  • All applicants who do not hold a degree from a Canadian university must submit an official Graduate Record Examination (GRE) General Test score. Applicants who hold a degree from a Canadian university are strongly encouraged to submit an official GRE General Test score. See the website for details.

Program Requirements

  • The PhD is a full-time program. Applicants must be registered as full-time students for a minimum period of three years.

  • Students must maintain a minimum average of B+ throughout their coursework.

    • Year 1: normally two half-courses in each area (3.0 full-course equivalents [FCEs]), as follows:

      • microeconomics (ECO 2020H and ECO 2030H)

      • macroeconomics (ECO 2021H and ECO 2031H)

      • econometrics (ECO 2400H and ECO 2401H)

    • Year 2: six half-courses (3.0 FCEs), including the required courses for a major field and a minor field.

      • Second-year and third-year students must also participate in the full-year ECO 4060Y0 Graduate Research Seminar (1.0 FCE).

      • Suitable PhD-level courses taken by a student in the MA program in the Department of Economics may fulfil some of the course requirements of the PhD program.

    • Year 3:

      • an original paper must be written in Year 2 and presented in the relevant workshop in the fall of Year 3,

      • a proposal must be submitted to a formal dissertation committee by the spring.

  • A thesis based on original research.​

  • General examinations

    • Successful completion of theory comprehensive examinations. Students are required to take two comprehensive examinations in microeconomic and macroeconomic theory after the end of the Winter session (usually June) in Year 1 of their program. Performance on these exams is evaluated on a distinction/pass/fail basis. If a theory comprehensive examination is failed on the first attempt, it must be re-taken later in the Summer (usually in August) of the same year.

    • Successful completion of field comprehensive examination. All students are required to take a comprehensive examination in their major field after the end of the Winter session in their second year (usually May). If the exam is failed, it must be re-taken later in the Summer (usually in August) of the same year. The major fields offered regularly are:

      • ​​​​Microeconomic Theory

      • Macroeconomic Theory

      • Econometrics

      • Economic Development

      • Financial Economics

      • Industrial Organization

      • International Economics

      • Labour Economics

      • Public Economics​

Program Length

4 years

Time Limit

6 years​

Economics: Economics MA, PhD Courses

Not all courses are offered every year. Please refer to the department's we​bsite for a current list.

Preliminary Courses

​ECO 1010H​
Mathematics and Statistics for MA General Students (Credit/No Credit)​
​ECO 1011H
Mathematics and Statistics for MA Doctoral Stream and PhD Students (Credit/No Credit)​

Core Courses in Economic Theory

​ECO 2020H
​Micr​oeconomic Theory I
​ECO 2021H
​Macroeconomic Theory I
​ECO 2030H
​Microeconomic Theory II (prerequisite: ECO 2020H)
​ECO 2031H
​Macroeconomic Theory II (prerequisite: ECO 2021H)​
​ECO 2050H
​Applied Microeconomics (co-requisites: ECO 2020H and ECO 2030H)
​ECO 2051H
​Applied Macroeconomics (co-requisites: ECO 2021H and ECO 2031H)
​ECO 2060H
Economic Theory—Micro (for MA students only)​
​ECO 2061H
​Economic Theory—Macro (for MA students only)

Advanced Microeconomic Theory

​ECO 2100H
Advanced Microeconomic​ Theory I ​(prerequisites: ECO 2020H and ECO 2030H)
​ECO 2101H
Advanced Microeconomic Theory II​
​ECO 2102H
​Topics in Microeconomic Theory
​ECO 2106H
​Market Design (exclusion: ECO 426H)

History of Economic Thought

​ECO 2004H
​The Histo​ry of Economic Thought
​ECO 2006H
Topics in the History of Economic Thought​

Economic History

ECO 2214Y
​The International Economy Since 1870
​ECO 2234H
​Topics in North American Economic History

International Economics

​ECO 2300H
​​International Trade Theory
​ECO 2301H
​International Monetary Theory
​ECO 2303H
International Macroeconomics​
​ECO 2304H
​International Trade II (prerequisite: ECO 2300H)​
​ECO 2305H
​Topics in International Finance
​ECO 2310H
​Topics in International Trade

Econometrics

​ECO 2400H
​Econometric​s I​
​ECO 2401H
​Econometrics II (prerequisite: ECO 2400H or ECO 2408​​H)​
​ECO 2402H
Advanced Econometrics​
​ECO 2403H
​Topics in Econometrics
​ECO 2404H
Empirical Applications of Economic Theory (exclusion: ECO 418H)​
​ECO 2408H
Econometrics (for MA students only)​
​ECO 2410H
​Applied Econometrics (co-requisites: ECO 2400H and ECO 2401H)
​ECO 2411H
​Financial Econometrics (exclusion: ECO 462H)

Macroeconomics; Monetary and Financial Economics

​​​​​ECO 2104H
Quantitative Macroeconomics​
​ECO 2500H
Monetary Theory I​
​ECO 2501H
Monetary Theory II​
​ECO 2502H
​Advanced Monetary Theory
​ECO 2503H
​Financial Economics I (exclusion: ECO 419H)
​ECO 2504H
​Financial Economics II
​ECO 2505H
​Macroeconometric Models for Policy Analysis and Forecasting (exclusion: ECO 416H)
​ECO 2506H
​Economics of Risk Management (exclusion: ACT 370H, ECO 461H, RSM 435H)
​ECO 2507H
​International Financial Markets
​ECO 2508H
​Applied Financial Risk Management
​ECO 2510H
​Financial Market Microstructure (exclusion: ECO 463H)
​ECO 2511H
​Empirical Financial Economics (exclusion: ECO 464H)
​ECO 2512H
​Topics in Business Cycles (exclusion: ECO 438H)

Public Economics

​ECO 2600H
​Public E​conomics I
​ECO 2601H
​Public Economics II
​ECO 2610H
​Health Economics
​ECO 2611H
​Empirical Welfare Analysis
​ECO 2620H
Topics in Health Economics​​

Economic Development

​ECO 2700H
​Economic Dev​elopment
​ECO 2701H
​Development Economics I
​​ECO 2704H
​Topics in Growth and Development
​ECO 2738H
​Economic Development of China (exclusion: ECO 435H)

​Labour Economics

​ECO 2800H
​Labour Economi​cs I
​ECO 2801H
​Labour Economics II
​ECO 2802H
Economics Inside Organizations​
​ECO 2803H
​Methods for Empirical Microeconomics
​ECO 2804H
​Social Eco​nomics
​ECO 2808H
​Topics in Economics of the Family (exclusion: ECO 432H)

Industrial Organization

​ECO 2900H
​Industrial Organi​zat​ion I
​ECO 2901H
Industrial Organization II​
​ECO 2908H Industrial Organization and Competition Policy

Law and Economics

​ECO 3501H
​Economic An​alysis of Law
​ECO 3502H
​Energy and Regulation (exclusion: ECO 414H)
​ECO 3504H
​International Trade Regulation (exclusions: ECO 459H and LAW 285H/LAW 2038H)

Other Courses

ECO 3100H
Behavioural Economics
​ECO 3202H
​Urban and Regional Economics
​ECO 3300H
​Political Economy (exclusion: ECO 434H)
​ECO 3500H
​Economics of Organizations and Contracts
​ECO 4050H
​Reading Course in an approved special field#
​ECO 4051H
​Reading Course in an approved special field#
​ECO 4060Y0
​Graduate Research Seminar (Credit/No Credit)

# The department is normally prepared to supervise reading courses in a variety of fields. Reading courses are available only to students who have the requisite preparation and only at the discretion of faculty members.

0 Course that may continue over a program. The course is graded when completed.