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 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
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
Chandra, Ambarish - BMath, MEc, PhD
Cziraki, Peter - MA, MPH, 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
Gans, Joshua - BEc, PhD
Goldfarb, Avi - BA, MA, PhD
Gourieroux, Christian - PhD
Gu, Jiaying - BA, MSc, PhD
Halevy, Yoram - BA, MA, PhD
Hall, Jonathan - BA, PhD
Hamilton, Gillian - MEc, PhD
Heblich, Stephan - PhD
Hossain, Tanjim - BA, BS, PhD
Kambourov, Gueorgui - BA, MA, DPhil
Kramer, Lisa - BBA, PhD
Kroft, Kory - BA, MA, PhD
Kuruscu, Burhan - BSc, MA, PhD
Laporte, Audrey - BA, MA, PhD
Lim, Kevin Shun Wei - MA, MA, 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
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
Souza Rodrigues, Eduardo Augusto - 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
Faig, Miquel - MEc, PhD
Gunderson, Morley - BA, MA, PhD
Hollander, Samuel - BSc, PhD
Reid, Frank - BA, MSc, PhD
Wilson, Thomas - BA, AM, PhD

Associate Members

Arteaga Cabrales, Carolina - PhD, PhD
Bau, Natalie - BA, PhD
Celik, Murat - PhD
Chen, Yanyou - MA
Goldman, Jim - BS, MSc, PhD
Hussain, Ajaz - BA, PhD
Jayaraman, Raji - BA, MA, PhD
Koffi, Marlene - MSc
Price, David - BA, MA, PhD
Roesler, Anne-Katrin - PhD
Serafinelli, Michel - BA, MA, PhD, PhD
Shang, Ce - PhD
Tian, Xu - BA, MA, PhD
Tsoy, Anton - PhD
Van Effenterre, Clementine - PhD
Vivalt, Eva - MA, MPH, PhD
Zarate Vasquez, Roman Andres - BA, MA, 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 (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.

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 (ECO2200H and ECO2201H)

      • Macroeconomics (ECO2100H and ECO2101H)

      • Econometrics (ECO2400H and ECO2401H)

    • 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 ECO4060Y0 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 (ECO2200H and ECO2201H)

      • Macroeconomics (ECO2100H and ECO2101H)

      • Econometrics (ECO2400H and ECO2401H)

    • 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 ECO4060Y0 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

ECO1010H
Mathematics and Statistics for MA and MFE Students (Credit/No Credit)
ECO2010H
Mathematics and Statistics for PhD Students (Credit/No Credit)

Core Courses in Economic Theory

ECO1100H Economic Theory — Macro (for MA students only)
ECO1200H Economic Theory — Micro (for MA students only)
ECO2100H
Macroeconomic Theory I
ECO2101H Macroeconomic Theory II (prerequisite: ECO2100H)
ECO2105H Applied Macroeconomics (co-requisites: ECO2100H and ECO2101H)
ECO2200H Microeconomic Theory I
ECO2201H
Microeconomic Theory II (prerequisite: ECO2200H)
ECO2205H
Applied Microeconomics (co-requisites: ECO2200H and ECO2201H)

Advanced Microeconomic Theory

ECO3200H
Advanced Microeconomic Theory I (prerequisites: ECO2200H and ECO2201H)
ECO3201H
Advanced Microeconomic Theory II
ECO3202H
Topics in Microeconomic Theory
ECO3210H Economics of Organizations and Contracts

Behavioural and Experimental Economics

ECO1250H Topics in Behavioural Economics
ECO3250H Behavioural Economics

Econometrics

ECO1400H Econometrics (for MA students only)
ECO1450H Methods for Empirical Microeconomics (exclusions: ECO439H, ECO2803H)
ECO2400H
Econometrics I
ECO2401H
Econometrics II (prerequisite: ECO1400H or ECO2400H)
ECO2404H Empirical Applications of Economic Theory (exclusion: ECO418H)
ECO2405H Applied Econometrics (co-requisites: ECO2400H and ECO2401H)
ECO2411H
Financial Econometrics (exclusion: ECO462H)
ECO2460H Economic Applications of Machine Learning
ECO3400H
Topics in Econometrics
ECO3401H
Advanced Econometrics
ECO3450H Advanced Methods for Empirical Microeconomics

Economic Development

ECO1700H
Economic Development
ECO1730H Economic Development of China (exclusion: ECO435H)
ECO2701H
Advanced Development Economics

Economic History

ECO2750H
Topics in North American Economic History

Financial Economics

ECO1500H Financial Economics: Asset Pricing (exclusion: ECO419H)
ECO1501H Financial Economics: Corporate Finance
ECO1502H Empirical Methods for Financial Economics (exclusion: ECO464H)
ECO1550H Economics of Financial Risk Management (exclusions: ECO461H, RSM435H)
ECO1551H Topics in Risk Management

Industrial Organization

ECO1900H Industrial Organization and Competition Policy
ECO3900H
Industrial Organization I
ECO3901H
Industrial Organization II

International Economics

ECO1300H International Macroeconomics
ECO1301H International Financial Markets
ECO2302H Networks in Trade and Macroeconomics
ECO3300H
International Trade Theory
ECO3301H International Trade II (prerequisite: ECO3300H)
ECO3302H Topics in International Trade
ECO3304H
International Monetary Theory

Labour Economics

ECO2802H Economics Inside Organizations
ECO2804H Social Economics
ECO3800H
Labour Economics I
ECO3801H
Labour Economics II

Macroeconomics

ECO1102H Macroeconometric Models for Policy Analysis and Forecasting (exclusion: ECO416H)
ECO2104H
Quantitative Macroeconomics
ECO2107H
Monetary Theory
ECO2120H Topics in Growth and Development
ECO3100H Frontiers in Macroeconomics (prerequisites: ECO2100H and ECO2201H)
ECO3101H Topics in Macroeconomic Theory
ECO3102H Topics in Business Cycles (exclusion: ECO438H)

Public Economics

ECO2600H
Public Economics I
ECO2601H
Public Economics II
ECO2607H Economics of Education Policy
ECO2610H
Health Economics
ECO2611H
Empirical Welfare Analysis
ECO2620H
Topics in Health Economics

Other Courses

ECO1320H International Trade Regulation (exclusions: ECO459H and LAW285H/LAW2038H)
ECO1950H Economic Analysis of Law
ECO1960H Energy and Regulation (exclusion: ECO414H)
ECO2650H Political Economy (exclusion: ECO434H)
ECO2850H Urban and Regional Economics
ECO4050H
Special Field Reading Course#
ECO4051H Special Field Reading Course#
ECO4060Y0
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.