Economics

Economics: Introduction

Faculty Affiliation

Arts and Science

Degree Programs

Economics

MA

  • Emphases:
    • Economic Data Analytics;
    • Economic Policy and Welfare Analysis;
    • Economic Research;
    • Economic Sustainability;
    • Finance, Money, and Banking

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 graduate faculty members span a wide range of subjects and cover theory, applied data analysis and econometric methodology.

The department offers both MA and PhD programs 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 to 20 new PhD students are enrolled each year with total combined 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 PhD programs 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 Economics (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
Baker, Michael - BComm, MA, PhD
Bar-Isaac, Heski - BA, MSc, PhD
Baum-Snow, Nathaniel - AB, PhD
Benjamin, Dwayne - BSc, MA, PhD
Blouin, Arthur - BA, MA, PhD
Bobonis, Gustavo - BA, PhD
Brandt, Loren - BS, MS, PhD
Burda, Martin - BSc, MA, PhD
Carroll, Gabriel - BA, PhD
Celik, Murat - PhD
Damiano, Ettore Vincenzo - AB, MA, MPH, PhD (Chair and Graduate Chair)
Deb, Rahul - MA, MPH, PhD
Duarte, Margarida - MEc, PhD
Eli, Shari - BA, PhD
Halevy, Yoram - BA, MA, PhD
Hall, Jonathan - BA, PhD
Hamilton, Gillian - MEc, PhD
Heblich, Stephan - PhD
Kambourov, Gueorgui - BA, MA, DPhil
Kroft, Kory - BA, MA, PhD
Kuruscu, Burhan - BSc, MA, PhD
Lacetera, Nicola - PhD
Luo, Yao - BS, MA, PhD
McMillan, Robert - AB, Dphil
Melino, Angelo - BA, PhD
Mondria, Jordi - BA, MA, PhD
Moorthy, Sridhar - BSc, MBA, MS, PhD
Morrow, Peter - BA, MA, PhD
Mourifie, Ismael - BMath, MSc, PhD
Oreopoulos, Philip - BA, MA, PhD
Osborne, Martin - BA, PhD
Ozkan, Serdar - MEc, PhD
Peski, Marcin - BA, MA, MA, PhD
Pitchik, Carolyn - BA, MSc, PhD
Restuccia, Diego - BA, MA, PhD
Roesler, Anne-Katrin - PhD
Shi, Xianwen - PhD
Siow, Aloysius - BA, PhD
Smart, Michael - BA, BA, PhD
Souza Rodrigues, Eduardo Augusto - PhD
Steinberg, Joseph - BA, PhD
Stewart, Colin - BSc, MA, MPH, MSc, PhD (Associate Chair, Graduate Studies)
Strange, William - BA, MA, PhD
Trefler, Daniel - BA, MPH, PhD
Tsoy, Anton - PhD
Van Effenterre, Clementine - PhD
Wan, Yuanyuan - BA, MA, PhD
Webb, Ryan - BA, MA, PhD
Wolthoff, Ronald - PhD
Yatchew, Adonis - BA, MA, PhD

Members Emeriti

Dewees, Donald - LLB, BScEE, PhD
Faig, Miquel - MEc, PhD
Gunderson, Morley - BA, MA, PhD

Associate Members

Baysan, Ceren - BCom, MS, PhD
Chen, Yanyou - MA, PhD
Hussain, Ajaz - BA, PhD
Koffi, Marlene - MSc, PhD
Rempel, Mark - BA, MA, MA, PhD
Stepner, Michael - BA, PhD
Wang, Tianyi - MA, PhD

Economics: Economics MA

The MA is a coursework-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.

Master of Arts

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.

Completion Requirements

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

    • 0.5 FCE mathematics and statistics course (ECO1010H);

    • 4.0 FCEs including the core courses in micro (ECO1200H), macro (ECO1100H), and econometrics (ECO1400H). Five 0.5 FCE elective courses are selected from current courses or may be graduate courses offered by another unit, provided they make a strong contribution to the student's economic training. 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 course requirements by taking the corresponding PhD-level core courses (ECO2200H and ECO2201H for microeconomics, ECO2100H and ECO2101H for macroeconomics, or ECO2400H and ECO2401H for econometrics). To make this substitution, the student will be required to take the PhD-level ECO2010H (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.

Mode of Delivery: In person
Program Length: 2 sessions full-time (typical registration sequence: FW); 6 sessions part-time
Time Limit: 3 years full-time; 6 years part-time

 

Economics: Economics PhD

The Department of Economics offers two PhD programs: a regular-entry program for students who have completed a master's degree in economics or a closely related field, and a direct-entry program for students with only an undergraduate degree. Both are full-time programs.

PhD Program

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 departmental website for details.

Completion Requirements

  • Students must maintain a minimum average of B+ throughout their coursework and successfully complete a total of 4.0 full-course equivalents (FCEs) as follows:

    • Year 1: 3.0 FCEs, normally consisting of two half courses in each area:

    • Year 2: at least two half courses (1.0 FCE), including the required courses for a major field of specialization and a minor field of specialization.

      • Students must write an original paper in Year 2 and present it in the relevant workshop in the Fall session of Year 3.

      • Students must also take ECO4060Y Graduate Research Seminar in Year 2 and complete it by the end of Year 3.

      • Suitable PhD-level courses taken by a student in the MA program in the Department of Economics may, with the permission of the Associate Chair, Graduate Studies, fulfil a portion of the major and minor field requirements of the PhD program.

  • 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.

    • If a student does not obtain a minimum grade of A in every course required for their major field of specialization, or took some of the required courses during their MA in Economics program at the University of Toronto, the student is required to take a field comprehensive examination in their major field of specialization after the end of the Winter session in Year 2 (usually June). If the exam is failed, it must be re-taken later in the Summer (usually in August) of the same year. The major fields of specialization offered regularly are:

      • Behavioural Economics

      • Econometrics

      • Economic Development

      • Financial Economics

      • Industrial Organization

      • International Economics

      • Labour Economics

      • Macroeconomics

      • Microeconomic Theory

      • Public Economics.

Mode of Delivery: In person
Program Length: 4 years full-time (typical registration sequence: Continuous)
Time Limit: 6 years full-time

 

PhD Program (Direct-Entry)

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 A– standing in the last two years of study in a bachelor’s program in economics or a related field, such as finance, statistics, or mathematics. Because admission is competitive, accepted applicants will normally have achieved a standing considerably higher than the minimum A–.

  • A strong preparation in advanced mathematics, statistics, and economics.

  • 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.

Completion Requirements

  • Students must maintain a minimum average of B+ throughout their coursework and successfully complete a total of 6.0 full-course equivalents (FCEs) as follows:

    • Year 1: normally two half courses in each area (3.0 FCEs), as follows:

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

      • Students must write an original paper in Year 2 and present it in the relevant workshop in the Fall session of Year 3.

      • Students must also take ECO4060Y Graduate Research Seminar in Year 2 and complete it by the end of Year 3.

  • A thesis based on original research.

  • General examinations.

    • Successful completion of theory comprehensive examinations. Students must 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.

    • If a student does not obtain a minimum grade of A in every course required for their major field of specialization, the student must take a field comprehensive examination in their major field of specialization after the end of the Winter session in Year 2 (usually June). If the exam is failed, it must be re-taken later in the Summer (usually in August) of the same year. The major fields of specialization offered regularly are:

      • Behavioural Economics

      • Econometrics

      • Economic Development

      • Financial Economics

      • Industrial Organization

      • International Economics

      • Labour Economics

      • Macroeconomics

      • Microeconomic Theory

      • Public Economics.

Mode of Delivery: In person
Program Length: 5 years full-time (typical registration sequence: Continuous)
Time Limit: 7 years full-time

 

Economics: Emphases

Economic Data Analytics

Participating Programs:
  • Economics MA

Students who wish to complete the emphasis in Data Analytics must successfully complete 1.5 full-course equivalents (FCEs) as part of their MA program:

 

Economic Policy and Welfare Analysis

Participating Programs:
  • Economics MA

Students who wish to complete the emphasis in Economic Policy and Welfare Analysis must successfully complete 1.5 full-course equivalents (FCEs) as part of their MA program:

 

Economic Research

Participating Programs:
  • Economics MA

Students who wish to complete the emphasis in Economic Research must successfully complete 1.5 full-course equivalents (FCEs) as part of their MA program:

  • ECO1060H Research Paper and

  • at least two courses at the 2000 or 3000 level.

 

Economic Sustainability

Participating Programs:
  • Economics MA

Students who wish to complete the emphasis in Economic Sustainability must successfully complete 1.5 full-course equivalents (FCEs) as part of their MA program:

 

Finance, Money, Banking

Participating Programs:
  • Economics MA

Students who wish to complete the emphasis in Finance, Money, and Banking must successfully complete 1.5 full-course equivalents (FCEs) as part of their MA program:

 

Economics: Economics MA, PhD Courses

Not all courses are offered every year. Please refer to the department's website for a current course list.

Preliminary Courses

Course CodeCourse Title
Mathematics and Statistics for MA and MFE Students
Mathematics and Statistics for PhD Students

Core Courses in Economic Theory

Course CodeCourse Title
ECO1100HEconomic Theory — Macro
ECO1200HEconomic Theory — Micro
Macroeconomic Theory I
ECO2101HMacroeconomic Theory II
ECO2105HApplied Macroeconomics
ECO2200HMicroeconomic Theory I
Microeconomic Theory II
Applied Microeconomics

Advanced Microeconomic Theory

Course CodeCourse Title
Advanced Microeconomic Theory I
Advanced Microeconomic Theory II
Topics in Microeconomic Theory

Behavioural and Experimental Economics

Course CodeCourse Title
ECO1250HTopics in Behavioural Economics
ECO3250HBehavioural Economics

Econometrics

Course CodeCourse Title
ECO1400HEconometrics
ECO1450HMethods for Empirical Microeconomics
Econometrics I
Econometrics II
ECO2404HEmpirical Applications of Economic Theory
ECO2405HApplied Econometrics
Financial Econometrics
ECO2425HApplied Causal Machine Learning
ECO2460HEconomic Applications of Machine Learning
Topics in Econometrics
Advanced Econometrics
ECO3450HAdvanced Methods for Empirical Microeconomics

Economic Development

Course CodeCourse Title
Economic Development
ECO1730HEconomic Development of China
Development Economics I
ECO2703HDevelopment Economics II

Economic History

Course CodeCourse Title
Topics in North American Economic History

Financial Economics

Course CodeCourse Title
ECO1500HFinancial Economics: Asset Pricing
ECO1501HFinancial Economics: Corporate Finance
ECO1502HEmpirical Methods for Financial Economics
ECO1550HEconomics of Financial Risk Management
ECO1551HTopics in Risk Management

Industrial Organization

Course CodeCourse Title
ECO1900HIndustrial Organization and Competition Policy
ECO2905HThe Economics of Algorithms
Industrial Organization I
Industrial Organization II

International Economics

Course CodeCourse Title
ECO1300HInternational Macroeconomics
ECO1301HInternational Financial Markets
ECO2302HNetworks in Trade and Macroeconomics
International Trade Theory
ECO3301HInternational Trade II
ECO3302HTopics in International Trade
International Monetary Theory

Labour Economics

Course CodeCourse Title
Labour Economics I
Labour Economics II

Macroeconomics

Course CodeCourse Title
ECO1102HMacroeconometric Models for Policy Analysis and Forecasting
Quantitative Macroeconomics
Monetary Theory
ECO2120HTopics in Growth and Development
ECO3100HFrontiers in Macroeconomics
ECO3101HTopics in Macroeconomics

Public Economics

Course CodeCourse Title
Public Economics I
Public Economics II
ECO2606HClimate Economics
ECO2607HEconomics of Education Policy
Health Economics
Topics in Health Economics

Other Courses

Course CodeCourse Title
ECO1060HResearch Paper
ECO1320HInternational Trade Regulation
ECO1950HEconomic Analysis of Law
ECO1960HEnergy and Regulation
ECO2450HStructural Approaches to Climate Economics
ECO2650HPolitical Economy
ECO2850HUrban and Regional Economics
Special Field Reading Course#
ECO4051HSpecial Field Reading Course#
Graduate Research Seminar

# 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.