Economics

Economics: Introduction

Faculty Affiliation

Arts and Science

Degree Programs

Economics

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

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:
  - 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 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:
  - 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 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:

ECO2425H Applied Causal Machine Learning and
any two (1.0 FCE) of ECO1450H, ECO1502H, ECO2104H, ECO2404H, ECO2450H, ECO2460H, ECO2905H.

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:

any three of ECO1900H, ECO1960H, ECO2120H, ECO2600H, ECO2601H, ECO2607H, ECO2620H.

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:

ECO2606H Climate Economics and
any two of ECO1960H, ECO2450H, ECO2701H, ECO2703H.

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:

ECO1500H Financial Economics I and
any two (1.0 FCE) of ECO1300H, ECO1301H, ECO1501H, ECO1502H, ECO1551H, ECO2107H, ECO2411H.

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 Code	Course Title
ECO1010H	Mathematics and Statistics for MA and MFE Students
ECO2010H	Mathematics and Statistics for PhD Students

Core Courses in Economic Theory

Course Code	Course Title
ECO1100H	Economic Theory — Macro
ECO1200H	Economic Theory — Micro
ECO2100H	Macroeconomic Theory I
ECO2101H	Macroeconomic Theory II
ECO2105H	Applied Macroeconomics
ECO2200H	Microeconomic Theory I
ECO2201H	Microeconomic Theory II
ECO2205H	Applied Microeconomics

Advanced Microeconomic Theory

Course Code	Course Title
ECO3200H	Advanced Microeconomic Theory I
ECO3201H	Advanced Microeconomic Theory II
ECO3202H	Topics in Microeconomic Theory

Behavioural and Experimental Economics

Course Code	Course Title
ECO1250H	Topics in Behavioural Economics
ECO3250H	Behavioural Economics

Econometrics

Course Code	Course Title
ECO1400H	Econometrics
ECO1450H	Methods for Empirical Microeconomics
ECO2400H	Econometrics I
ECO2401H	Econometrics II
ECO2404H	Empirical Applications of Economic Theory
ECO2405H	Applied Econometrics
ECO2411H	Financial Econometrics
ECO2425H	Applied Causal Machine Learning
ECO2460H	Economic Applications of Machine Learning
ECO3400H	Topics in Econometrics
ECO3401H	Advanced Econometrics
ECO3450H	Advanced Methods for Empirical Microeconomics

Economic Development

Course Code	Course Title
ECO1700H	Economic Development
ECO1730H	Economic Development of China
ECO2701H	Development Economics I
ECO2703H	Development Economics II

Economic History

Course Code	Course Title
ECO2750H	Topics in North American Economic History

Financial Economics

Course Code	Course Title
ECO1500H	Financial Economics: Asset Pricing
ECO1501H	Financial Economics: Corporate Finance
ECO1502H	Empirical Methods for Financial Economics
ECO1550H	Economics of Financial Risk Management
ECO1551H	Topics in Risk Management

Industrial Organization

Course Code	Course Title
ECO1900H	Industrial Organization and Competition Policy
ECO2905H	The Economics of Algorithms
ECO3900H	Industrial Organization I
ECO3901H	Industrial Organization II

International Economics

Course Code	Course Title
ECO1300H	International Macroeconomics
ECO1301H	International Financial Markets
ECO2302H	Networks in Trade and Macroeconomics
ECO3300H	International Trade Theory
ECO3301H	International Trade II
ECO3302H	Topics in International Trade
ECO3304H	International Monetary Theory

Labour Economics

Course Code	Course Title
ECO3800H	Labour Economics I
ECO3801H	Labour Economics II

Macroeconomics

Course Code	Course Title
ECO1102H	Macroeconometric Models for Policy Analysis and Forecasting
ECO2104H	Quantitative Macroeconomics
ECO2107H	Monetary Theory
ECO2120H	Topics in Growth and Development
ECO3100H	Frontiers in Macroeconomics
ECO3101H	Topics in Macroeconomics

Public Economics

Course Code	Course Title
ECO2600H	Public Economics I
ECO2601H	Public Economics II
ECO2606H	Climate Economics
ECO2607H	Economics of Education Policy
ECO2610H	Health Economics
ECO2620H	Topics in Health Economics

Other Courses

Course Code	Course Title
ECO1060H	Research Paper
ECO1320H	International Trade Regulation
ECO1950H	Economic Analysis of Law
ECO1960H	Energy and Regulation
ECO2450H	Structural Approaches to Climate Economics
ECO2650H	Political Economy
ECO2850H	Urban and Regional Economics
ECO4050H	Special Field Reading Course^#
ECO4051H	Special Field Reading Course^#
ECO4060Y	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.