Economics

Economics: Introduction

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

Arts and Science

Degree Programs

Economics

MA and 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 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
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
Chandra, Ambarish - BMath, MEc, PhD
Cziraki, Peter - MPH, MA, MSc, PhD
Damiano, Ettore Vincenzo - AB, MA, MPH, PhD (Chair and Graduate Chair)
Deb, Rahul - MA, MPH, PhD
Duarte, Margarida - MEc, PhD
Dyrda, Sebastian - MA, MA, PhD
Eli, Shari - BA, PhD
Faig, Miquel - MEc, PhD
Gans, Joshua - BEc, PhD
Goldfarb, Avi - BA, MA, PhD
Gourieroux, Christian - PhD
Gu, Jiaying - BA, MSc, PhD
Halberstam, Yosh - BA, MA, PhD
Halevy, Yoram - BA, MA, PhD
Hall, Jonathan - BA, PhD
Hamilton, Gillian - MEc, PhD
Kambourov, Gueorgui - BA, MA, DPhil
Kramer, Lisa - BBA, PhD
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
Mitchell, Matthew - BS, MA, PhD
Mondria, Jordi - BA, MA, PhD
Morrow, Peter - BA, MA, PhD
Mourifie, Ismael - BMath, MSc, PhD
Oreopoulos, Philip - BA, MA, PhD
Osborne, Martin - BA, PhD
Ozkan, Serdar - MEc, PhD
Park, Andreas - MEc, MPH, 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, PhD
Steinberg, Joseph - BA, PhD
Stewart, Colin - BSc, MPH, MA, MSc, PhD (Associate Chair, Graduate Studies)
Strange, William - BA, MA, PhD
Trebilcock, Michael - LLB, LLM
Trefler, Daniel - BA, MPH, PhD
Wan, Yuanyuan - BA, MA, PhD
Wolthoff, Ronald - PhD
Yatchew, Adonis - BA, MA, PhD
Zhu, Xiaodong - PhD

Members Emeriti

Anderson, Gordon - BA, MSc, PhD
Berry, R. Albert - BA, 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
Pesando, James - BA, MA, PhD
Reid, Frank - BA, MSc, PhD
Watson, Andrew - BComm, BA, MA
Wilson, Thomas - BA, AM, PhD

Associate Members

Arteaga Cabrales, Carolina - PhD, PhD
Bau, Natalie - BA, PhD
Beauchamp, Jonathan - PhD
Celik, Murat - PhD
Chan, Mons - BA, MA, MA, PhD
Goldman, Jim - BS, MSc, PhD
Hussain, Ajaz - BA, PhD
Lim, Kevin Shun Wei - MA, MA, PhD
Price, David - BA, MA, PhD
Roesler, Anne-Katrin - PhD
Tian, Xu - BA, MA, PhD
Tsoy, Anton - PhD
Van Effenterre, Clementine - PhD

Economics: Economics MA

Master of Arts​

Program Description

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.

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 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 (ECO 2020H and ECO 2030H for microeconomics, ECO 2021H and ECO 2031H for macroeconomics, or ECO 2400H and ECO 2401H for 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

Program Description

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.

Program 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:

      • Microeconomics (ECO 2020H and ECO 2030H)

      • Macroeconomics (ECO 2021H and ECO 2031H)

      • Econometrics (ECO 2400H and ECO 2401H)

    • 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 ECO 4060Y0 Graduate Research Seminar (1.0 FCE) 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​.

Program Length

4 years

Time Limit

6 years​

 

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.

Program 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:

      • 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 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 ECO 4060Y0 Graduate Research Seminar (1.0 FCE) 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.

Program Length

5 years

Time Limit

7 years

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

 

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

​ECO 1010H​
Mathematics and Statistics for MA and MFE Students (Credit/No Credit)​
​ECO 1011H
Mathematics and Statistics for 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

Economic History

​ECO 2234H
​Topics in North American Economic History

International Economics

​ECO 2300H
​​International Trade Theory
​ECO 2301H
​International Monetary Theory
ECO 2302H
Networks in Trade and Macroeconomics
​ECO 2303H
International Macroeconomics​
​ECO 2304H
​International Trade II (prerequisite: ECO 2300H)​
​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 2103H
Topics in Macroeconomic Theory
​​​​​ECO 2104H
Quantitative Macroeconomics​
​ECO 2500H
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 Economics I
​ECO 2601H
​Public Economics II
ECO 2607H Economics of Education Policy
​ECO 2610H
​Health Economics
​ECO 2611H
​Empirical Welfare Analysis
​ECO 2620H
Topics in Health Economics​​

Economic Development

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

​Labour Economics

​ECO 2800H
​Labour Economics I
​ECO 2801H
​Labour Economics II
​ECO 2802H
Economics Inside Organizations​
​ECO 2803H
​Advanced Methods for Empirical Microeconomics
​ECO 2804H
​Social Economics
ECO 2843H Methods for Empirical Microeconomics (exclusions: ECO 439H, ECO 2803H)

Industrial Organization

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

Law and Economics

​ECO 3501H
​Economic Analysis 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 3140H
Topics in Behavioural Economics
​ECO 3202H
​Urban and Regional Economics
​ECO 3300H
​Political Economy (exclusion: ECO 434H)
ECO 3400H Economic Applications of Machine Learning
​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.