SSC199Y1 First Year Seminar 52S
Undergraduate seminar that focuses on specific ideas, questions, phenomena or controversies, taught by a regular Faculty
member deeply engaged in the discipline. Open only to newly admitted first year students. It may serve as a distribution
requirement course; see page 40.
Note
Enrolment in most Economics courses above the 100-level and, therefore, in
all Economics Programs, is based on grades in
ECO100Y1 or ECO105Y1 and,
in some cases, MAT133Y1 or MAT135Y1 or MAT137Y1.
Additional information is contained in the
Registration Handbook and Timetable and the Departmental Handbook. Not all
courses are offered each year.
ECO100Y1 Introduction to Economics 52L, 26T
An introduction to economic analysis and its applications: price determination; the role of competition; international trade and
finance; the theory of production and employment; the role of money and the banking system; monetary and fiscal policy.
NOTE graphical and quantitative analysis are used extensively.
Exclusion: ECO105Y1
ECO105Y1
Principles of Economics for Non-Specialists 52L, 26T
An introduction to the principles and methods of economics in association with policy issues. Lectures cover 24 topics,
including economic growth, the importance of productivity, international trade, competitive markets, macroeconomic issues and
more specific topics such as rent controls, OPEC, the international debt crisis, trade restrictions, the national debt and
sustainable development. Students who intend to complete a minor, major, or specialist program in Economics are advised to
take ECO100Y1.
Exclusion: ECO100Y1
ECO200Y1 Microeconomic Theory 52L, 26T
Theory of markets and prices. Determination of prices through the interaction of the basic economic units, the household as
consumer and as supplier of inputs and the business firm as producer and as employer of inputs. The pricing system as the
mechanism by which social decisions and allocation of goods are made in a market economy.
Exclusion: ECO206Y1
Prerequisite: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%)
ECO202Y1
Macroeconomic Theory and Policy 52L, 26T
Theory of output, employment and the price level; techniques for achieving economic stability; central banking and Canadian
financial institutions and markets; foreign exchange markets and the exchange rate. This course is not intended for those in the
B.Com program; please see ECO209Y1.
Exclusion: ECO208Y1,ECO209Y1
Prerequisite: ECO100Y1(63%/CGPA 2.50)/ECO105Y1(80%)
Co-requisite: MAT133Y1/MAT135Y1/MAT137Y1
ECO206Y1 Microeconomic Theory 52L, 26T
This course deals more rigorously and more mathematically with the topics included in ECO200Y1 and is intended primarily for
students in certain Specialist programs.
Exclusion: ECO200Y1
Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/MAT135Y1(60%)/ MAT137Y1(55%)
ECO208Y1 Macroeconomic Theory 52L, 26T
This course deals more rigorously and more mathematically with the topics included in ECO202Y1 and is intended primarily for
students in certain Specialist programs.
Exclusion: ECO202Y1
Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/MAT135Y1(60%)/ MAT137Y1(55%)
ECO209Y1
Macroeconomic Theory and Policy 52L,26T
For Commerce students only.
Macroeconomic issues relevant for commerce students. Analytical tools are used to examine policy issues: Canadian
government budgets, Bank of Canada monetary policy, exchange rate policy, foreign trade policy and government regulation of
financial intermediaries. This course is only open to students in the B. Com (Commerce and Finance) program.
Exclusion: ECO202Y1/ECO208Y1
Prerequisite: ECO100Y1(63%/CGPA2.50)
Co-requisite: MAT133Y1/MAT135Y1/MAT137Y1
ECO210H1
Mathematical Methods for Economic Theory 26L
An introduction to mathematical methods commonly used in economic theory. Topics include unconstrained multivariate
optimization, multivariate optimization subject to equality or inequality constraints and differential equations.
Exclusion: MAT235Y1, MAT237Y1
Prerequisite: ECO100Y1 (63%/CGPA2.50)/ECO105Y1 (80%); MAT133Y1 (63%)/MAT135Y1 (60%)/MAT137Y1 (55%)
Co-requisite: ECO200Y1/ECO206Y1
ECO220Y1
Quantitative Methods in Economics 52L, 26T
Statistical analysis; elementary probability theory, sampling distributions, tests of hypotheses, estimation and multiple
regression analysis. Applications in economic and business problems. Elementary calculus and matrix algebra are used.
Exclusion: ECO227Y1, GGR270Y, GGR270H1, PSY201H1, PSY202H1, SOC300Y1, STA220H1, STA221H1, STA250H1, STA255H1, STA257H1, STA261H1
Prerequisite: ECO100Y1 (63%/CGPA 2.50)/ECO105Y1 (80%); MAT133Y1/MAT135Y1/MAT137Y1
ECO227Y1
Quantitative Methods in Economics 52L, 26T
A rigorous introduction to probability and mathematical statistics intended for economics specialists. Probability and estimation
theory, sampling distributions, hypotheses testing, multiple regression analysis. Students should be familiar with the tools used
to characterize scenarios where randomness and uncertainty occur in economics and finance.
Exclusion: ECO220Y1, GGR270Y, GGR270H1, PSY201H1, PSY202H1, SOC300Y1, STA220H1, STA221H1, STA250H1, STA255H1, STA257H1, STA261H1
Prerequisite: ECO100Y1 (70%); MAT133Y1 (63%)/MAT135Y1 (60%)/MAT137Y1 (55%)
Recommended Co-requisite: MAT235Y1/ (ECO210H1, MAT223H1/ MAT240H1)
ECO230Y1
International Economic Institutions and Policy 52L
The key concepts of international trade and finance are reviewed with an eye to understanding contemporary issues and
recommending policy initiatives. Attention is given to empirical assessment of alternative trade theories and to broader
international relations issues.
Exclusion: ECO328Y1
Prerequisite: ECO100Y1 (63%/CGPA 2.50)/ECO105Y1 (80%/CGPA 2.50)
ECO239Y1 Labour Markets and Policies 52L, 26T
Application of economic analysis to current issues in labour policy: immigration, retirement, education, unemployment, earnings
differentials, employment and pay equity, labour unions, minimum wage, income policies.
Exclusion: ECO339Y1
Prerequisite: ECO100Y1 (63%/CGPA 2.50)/ECO105Y1 (80%/CGPA 2.50)
WDW244H1 Labour Relations
See Woodsworth College
ECO250Y1/251H1/252H1 Special Topics in Economics 52S/26S
Courses may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the
Department (see the Undergraduate Secretary for details).
Prerequisite: TBA
ECO299Y1 Research Opportunity Program
Credit course for supervised participation in faculty research project. See page 43 for details.
ECO 301Y1
European Economic
History, 1250 - 1750 52L
(formerly ECO201Y1)
The development of the west European economy from the apogee of the Commercial
Revolution era and the ensuing
economic crises of the later - early 14th centuries to the eve of the modern
Industrial Revolution, focusing on Italy, Spain,
Portugal, France, Germany, the Low Countries and England. Major topics:
feudalism, serfdom and other barriers to economic
growth; demographic, monetary and other macroeconomic forces; the development
of market economies; structural changes in
and interactions among the agrarian, commercial, financial, and industrial
sectors; overseas expansion and colonization; the
role of Church, state, warfare, and social/political institutions; Mercantilism.
Exclusion: ECO 201Y
Prerequisite: ECO200Y1/ECO206Y1,
plus seven full courses
ECO302H1
Comparative Economic Institutions in History 26L
(formerly ECO302Y1)
Contrasting ways in which the factors of production - land, labour and capital - are organized in human society. Tribal, feudal,
mercantilist and market economies are considered. A conceptual framework related to both market and non-market economies
is examined, based on the work of Karl Polanyi.
Exclusion: ECO302Y, ECO354H (2001-02 and 2002-03)
Prerequisite: ECO200Y1/ECO206Y1
ECO303Y1
The Economic History of Modern Europe to 1914 52L
The economic development of modern Europe, focusing on urban industrialization in the Netherlands, Great Britain, France,
Germany, and Russia, up to World War I. Major topics: technological, institutional, and social factors in economic growth;
demographic and monetary forces; structural changes in and interactions among the agrarian, commercial, financial, and
industrial sectors; international trade and capital flows; the role of the state; the role of economic theory and ideology; theories
of post-1850 imperialism.
Exclusion: ECO203Y
Prerequisite: ECO200Y1/ECO206Y1, plus 7 full courses
ECO306Y1 The United States in the World Economy 52L
U.S. economic history from European settlement to the late 20th century. Interrelationships of the U.S. and world
developments, international migration, economic policies, institutions, capital flows and technological transfer.
Prerequisite: ECO200Y1/ECO206Y1
Recommended preparation: ECO230Y1/ECO328Y1
ECO310Y1
Industrial Organization and Public Policy 52L
Analysis of firm behaviour in imperfectly competitive markets and how well those markets function. The impact of market
power, limited information, transaction costs, barriers to entry, strategic behaviour of competitors, externalities and contractual
agreements on firm and market performance. Evaluation of competition policy and government regulation.
Exclusion: ECO380H1
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA250H1, STA255H1)/ (STA257H1, STA261H1)
ECO313H1
Environmental Economics and Policies 26L
This course demonstrates the way that a rigorous application of microeconomic techniques can inform our responses to
various environmental problems. Topics may include: air and water pollution and renewable resource management.
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA250H1, STA255H1)/ (STA257H1, STA261H1)
ECO314H1 Energy and Resource Economics 26l
An investigation of the way that a rigorous application of microeconomic techniques can 1) improve our understanding of how
resources like oil, minerals, fish, and forests are extracted in equilibrium, and 2) lead to improved management policies.
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA250H1, STA255H1)/ (STA257H1, STA261H1)
ECO320H1 Economic Analysis of Law 26L
The practical application of microeconomic theory to common legal problems: torts, contracts, property and crime, and the
limitations of economic analysis. No previous familiarity with the law is assumed. (This is an economic analysis of legal issues,
not a course in law.)
Prerequisite: ECO200Y1/ECO206Y1
ECO321Y1
Canadian Economic History since 1500 52L
(formerly ECO221Y1)
Canadian economic growth and development as viewed through the staples thesis of Harold Innis. Reference to United States
economic history throughout the course.
Exclusion: ECO 221Y, 323Y
Prerequisite: ECO200Y1/ECO206Y1
ECO324Y1 Economic Development 52L
Economic development theory and policy related to the economic transformation of the developing countries, including
industrial and agricultural sector strategies, international trade policy, public sector activities and the importance of productivity
growth and poverty reduction programs.
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ (STA250H1, STA255H1)/ (STA257H1, STA261H1)
ECO325H1
Advanced Economic Theory - Macro 26L, 13T
This course develops the microeconomic foundations of macroeconomic theory and expand students' analytic skills by
constructing and solving macroeconomic models. Topics may include: dynamic choice, neoclassical growth theory, uncertainty
and rational expectations, business cycles, as well as fiscal and monetary policy.
Prerequisite: ECO208Y1/ECO202Y1 (70%)/ECO209Y1 (70%), ECO220Y1/ECO227Y1/ (STA250H1, STA255H1)/ (STA257H1, STA261H1)
Recommended preparation: MAT223H1/MAT240H1, MAT235Y1/ECO210H1
ECO326H1
Advanced Economic Theory - Micro 26L, 13T
Game theory and applications. Topics include: strategic and extensive games, with applications to economics.
Exclusion: ECO372H5, 372Y5
Prerequisite: ECO206Y1/ECO200Y1 (70%), ECO220Y1/ECO227Y1/ (STA250H1, STA255H1)/ (STA257H1,STA261H1); MAT133Y1(63%)/MAT135Y1(60%)/
137Y(55%)
Recommended preparation: MAT223H1/MAT240H1, MAT235Y1/ECO210H1
ECO327Y1 Applied Econometrics 52L, 26T
The development and application of statistical techniques in estimating economic models and testing economic theory. The
implications and treatment of special statistical problems that arise in estimating economic relationships.
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO227Y1/ ECO220Y1(70%)/ (STA250H1(70%), STA255H1(70%))/(STA257H1, STA261H1)
Recommended preparation: MAT235Y1/MAT237Y1/(ECO210H1, MAT223H1/MAT240H1)
ECO328Y1 International Economics 52L, 26T
The operation of the international economy and the economic interdependence among nations, in terms of international
monetary relationships, commodity trade and factor movements.
Exclusion: ECO230Y1
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1
ECO329H1 Topics in Monetary Economics 26L
Theories and techniques in monetary economics, including the equilibrium asset-pricing theory and modeling money as a
medium of exchange, the Lucas supply curve, the choice of monetary policy rules versus discretion, and the liquidity effect of
open market operations. Emphasis on the interactions between macroeconomic phenomena and individual decisions.
Exclusion: ECO349H5, ECO352H (2002-03)
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ ECO227Y1/(STA250H1,STA255H1)/(STA257H1,STA261H1), MAT133Y1/MAT135Y1/MAT137Y1
ECO332H1 Economics of the Family 26L
This course uses microeconomics to study the behaviour of the family, including marriage, divorce, intra-family allocations,
investment in children and gender roles.
Prerequisite: ECO200Y1/ECO206Y1; MAT133Y1/MAT135Y1/MAT137Y1
ECO333Y1 Urban Economics 52L
Spatial economic theory and urban public policy: firms and individuals in partial and general equilibrium, land development and
land-use controls, urban transportation, efficiency and equity in spending and taxing.
Prerequisite: ECO200Y1/ECO206Y1
ECO336Y1 Public Economics 52L
Theory of public goods, externalities, and the politics of government policy. Analysis of equity, incidence and incentive effects
of taxes. An analytical treatment of the public sector.
Exclusion: ECO236Y
Prerequisite: ECO200Y1/ECO206Y1, MAT133Y1/MAT135Y1/MAT137Y1
ECO338H1 Economics of Education 26L
Application of microeconomic theory to conceptual and policy issues in education. Topics include the economic benefits and
costs of education; investment in human capital and the returns to educational expenditures; the role of government in
education; educational financing and planning.
Prerequisite: ECO200Y1/ECO206Y1, MAT133Y1/MAT135Y1/MAT137Y1
ECO339Y1 Economics of Labour 52L, 26T
The operation of labour markets; determinants of supply and demand for labour; wage differentials; discrimination; investment
in schooling and training; unemployment; economics of unions.
Exclusion: ECO239Y1, 361Y
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA250H1, STA255H1)/(STA257H1, STA261H1)
ECO340H1 Economics of Income Distribution 26L
The personal distribution of income and wealth; distributive justice; measurement of inequality and poverty. The distributional
effects of the tax system, government spending, economic regulation (including policies such as pay and employment equity),
and macroeconomic policies.
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/ (STA250H1, STA255H1)/(STA257H1, STA261H1)
ECO342Y1
Twentieth Century Economic History 52L
Economic development of Europe and certain overseas areas, particularly Japan and the United States. Special attention to
globalization before 1914, problems of the interwar years, the Great Depression of the 1930's, the period since 1945,
international trade, the balance of payments and exchange rate mechanisms, growth performance of the major industrial
countries.
Prerequisite: ECO200Y1/ECO206Y1/(ECO230Y1, POL208Y1)
ECO350Y1/351H1/352H1 Special Topics in Economics 52S/26S
Courses may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the
Department (see the Undergraduate Secretary for details).
Prerequisite: TBA
ECO353Y1/354H1/355H1
Special Topics in Economic History 52S/26S
Courses may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the
Department (see the Undergraduate Secretary for details).
Prerequisite: TBA
ECO358H1 Financial Economics I 26L
An introduction to economics of financial assets and financial markets. Topics: inter-temporal choice, expected utility theory,
security valuation, selected asset pricing models, market efficiency, term structure of interest rates and international foreign
exchange rate systems - essential materials for an understanding of the role and operation of financial markets.
Exclusion: MGT331Y1, MGT337Y1, ACT349H1
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA250H1,STA255H1)/ (STA257H1/STA261H1)
ECO359H1
Financial Economics II: Corporate Finance 26L
Agency and incomplete information problems inherent in financial transactions; the role of contractual arrangements in
overcoming them. Financial constraints on investment decisions of firms; the financial system in economic growth; the legal
system in the functioning of financial markets. A look at theoretical and empirical literature covering these issues.
Exclusion: MGT331Y1, MGT337Y1, ACT349H1
Prerequisite: ECO358H1
ECO360Y1
Economic Growth and Technological Change 52L
With emphasis on the United States, Japan and Canada, this course examines theories of capitalism; Long Wave Cycle, the
importance of productivity growth and Solow's residual, the economics of technological change, the Japanese/U.S. trade
interface, the economic slowdown since 1973 and the current Canadian productivity challenge.
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ (STA250H1, STA255H1/STA257H1)
ECO369Y1 Health Economics 52L
The provision of health care provides many special problems of informational asymmetry, regulation, insurance and
redistribution. The course considers the demand and supply side problems. Alternative reform proposals for health care are
explored.
Prerequisite: ECO200Y1/ECO206Y1
ECO370Y1 Economics of Organizations 52L
An introduction to the economic analysis of organizations and, in particular, the firm. An investigation of how markets can solve
the twin problems of coordinating activities and motivating individuals; and, when markets are less successful, how
organizations and special contractual relationships emerge as alternative institutions for allocating resources.
Exclusion: ECO381H1, ECO426H1
Prerequisite: ECO200Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA250H1, STA255H1)/(STA257H1, STA261H1)
ECO380H1 Managerial Economics I: Competitive Strategy 26L
This course in applied microeconomics is concerned with the functioning of markets and the behaviour of firms within these
markets. The focus is on strategic relationships between organizations. This includes competitive relationships among firms in
the same market and cooperative relationships between a firm and its suppliers and distributors.
Exclusion: ECO310Y1, MGT310Y
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA250H1,STA255H1)/ (STA257H1,STA261H1)
ECO381H1 Managerial Economics II: Personnel Economics 26L
An examination of selected material on compensation and incentives in hierarchical organizations. Topics include recruitment
and hiring, training, turnover, downsizing, motivating workers, teams, allocating authority and task assignment.
Exclusion: ECO370Y1/ECO426H1, MGT310Y
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA250H1,STA255H1)/ (STA257H1,STA261H1)
ECO382H1
Population Economics and Strategic Business 26L
Strategic Management in any organization depends crucially on people - the customers using the products and the employees
executing the strategy. Using population economics as a foundation, topics covered include strategic management, consumer
behaviour, life cycle models, generational analysis, trend analysis, marketing, risk analysis, global competitive analysis,
diversification strategy, human resource planning, government relations, change management and sustainability.
Prerequisite: ECO200Y1(70%)/ECO206Y1(60%), ECO202Y1(70%)/ECO208Y1(60%)/ECO209Y1(60%), ECO220Y1(70%)/ECO227Y1(60%)
ECO398H0/399Y0 Independent Experiential Study Project
An instructor-supervised group project in an off-campus setting. See page 43 for details.
ECO392H1 The Economics of Communications Networks 26L
Economic issues in the major communications networks (Internet and telephone). These networks confront stochastic and time
varying demands, which create interesting pricing problems. There is an emphasis on the supply side and the role of
competition in a dynamic industry with technological convergence.
Exclusion: ECO351H (2002-2003)
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA250H1,STA255H1), (STA257H1,STA261H1)
Note:
Many 400-level courses are offered as joint undergraduate and graduate courses. Students interested in any of these courses
should consult with the instructor before enrolling.
JPE400Y1
The Political Economy of International Development 52S
A study of the political economy of development strategies, with particular reference to the ascendant neoliberal strategy. The
course also explores alternative development strategies. Cases are drawn from Latin America, Africa and Asia. (Given by the
Departments of Economics and Political Science)
Prerequisite: ECO100Y1; one of POL201Y1/POL215Y1/POL301Y1/POL305Y1; minimum 14 FCEs
ECO416H1
Macroeconometric Models for Policy Analysis and Forecasting 26L, 13T
The construction and operation of macroeconometric models. The use of models for conducting policy simulations and for
generating quantitative forecasts of economic activity.
Prerequisite: ECO325H1
Co-requisite: ECO327Y1
ECO418H1
Empirical Applications of Economic Theory 26L
Topics class in applied econometrics, emphasizing empirical industrial organization. Emphasis on a balanced treatment of
theory and econometric techniques used in empirical research in industrial organization (the study of firms and markets). How
firms behave, how market equilibriums arise and how economic policies are used to affect market equilibriums.
Prerequisite: ECO327Y1
ECO419H1 International Macroeconomics 26L
Contemporary issues in international monetary economics and macroeconomic policy formulation in open economies like
Canada. A study of forces determining interest rates and exchange rates, inflation and unemployment; analysis of government
policy in relation to financial markets.
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ (STA250H1, STA255H1)/(STA257H1, STA261H1), permission of instructor
ECO420Y1/421H1/422H1 Special Topics in Economics 52S/26S
Seminars or workshops may be offered in one or more subjects each year. Students must meet the Prerequisites announced
by the Department. (See the Undergraduate Secretary for details.)
Prerequisite: TBA, permission of instructor
ECO423H1
Topics in North American Economic History 26L
Themes are incentives, contracts, and the impetus for change within North America. Topics covered: the staples growth thesis,
slavery, indentured servitude, apprenticeships, technical change, the evolution of production, the rise of the factory, fertility and
convergence.
Prerequisite: ECO200Y1/ECO206Y1, ECO220Y1/ECO227Y1
ECO424H1 Topics in Development Economics 26L
Economic analysis of topics in economic development, such as patterns of growth, issues of poverty and inequality, land
reform, tax design and price reform. Focus on application of theory, especially statistical analysis relating to conduct of
economic policy in developing countries.
Prerequisite: ECO206Y1, ECO327Y1
ECO425H1 Economics and Demographics 26S
A research-oriented course exploring the interrelationships between economics and demographic change, both historical and
projected, with attention to the microeconomic foundations, macroeconomic performance, and policy in areas such as fertility,
migration, education, labour markets, housing, crime, recreation, leisure, marketing, health, retirement and pensions. The
Canadian experience, with some international comparisons.
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ (STA250H1, STA255H1)/(STA257H1, STA261H1)
Co-requisite: ECO327Y1/STA302H1/STA352Y1
ECO426H1 Economics inside Organizations 26L
An examination of selected research on compensation, incentive issues, cooperation and allocation of authority in hierarchical
organizations.
Exclusion: ECO381H1, ECO370Y1
Prerequisite: ECO200Y1(70%)/ECO206Y1(60%), ECO220Y1(70%)/ECO227Y1(60%)
ECO429Y1 History of Economic Thought 52L
(formerly ECO322Y1)
Development of analytical economics from the 18th century with emphasis on Adam Smith and the British Classical School
(David Ricardo, T.R. Malthus, and J.S. Mill), Karl Marx, the Marginalists and their successors to 1939, including Keynes.
Exclusion: ECO322Y1
Prerequisite: ECO200Y1/ECO206Y1; ECO202Y1/ECO208Y1/ECO209Y1
ECO430Y1/431H1 Reading Course or Thesis TBA
Intended for advanced Specialist students who have exhausted course offerings in a particular area. Open only when a faculty
member is available and willing to supervise. Students must obtain the approval of the Associate Chairman for Undergraduate
Studies before enrolling.
ECO435H1 The Economics of Modern China 26L
(formerly ECO335Y1)
A focus on post-1949 Chinese economy, and the PRC's economic legacy. Economic development during the Maoist period,
particularly post-1979 reforms. China's experience is compared to Eastern Europe's and the role of China in the rapidly
growing East Asian economy. This a limited enrolment seminar requiring extensive reading.
Exclusion: ECO335Y
Prerequisite: ECO206Y1
ECO450H1
Long Term Economic Growth: Historical and Theoretical Perspectives 26L
Stylized facts about growth and development; how a simple neoclassical growth model explains these observations. New
growth models emphasizing institutions, endogenous population growth and technological change; how they explain cross-
country income differences in the postwar period; the historical experience in some countries, with a look at Europe and Asia.
Exclusion: ECO421H
Prerequisite: ECO206Y1, ECO208Y1
ECO451H1 Macroeconomic Growth 26L
An introduction to modern theories of the determinants of macroeconomic growth that examines the important question of why
some countries are rich and others are poor. Topics include: investigation of empirical literature pertaining to international
comparisons of recent and past rates of economic growth across countries.
Prerequisite: ECO325H1, ECO327Y1
ECO452H1
The Modernization of the European Economy, 1750-1970 26S
National economic development primarily in Great Britain, France, Germany, and Russia, with focus on industrialization,
agricultural change, banking and finance, state economic policies; international trade and factor movements, poverty and
income distribution.
Exclusion: ECO452Y
Prerequisite: ECO200Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1
ECO457Y1 The International Economy, 1870 - 2000 52S
Topics vary with the interest and backgrounds of the participants: subjects normally include international monetary
arrangements; patterns of international trade, competition and payments; migration and capital flows; imperialism and
dependency; international fluctuations; the effects of the world wars on the international economy and the evolution of
international economic institutions.
Prerequisite: ECO328Y1(70%)/ECO342Y1(70%), (70%) in one other 300+ ECO course
ECO459H1 International Trade Regulation 26L
The theory and political economy of international trade, with examination of specific trade institutions: Bretton Woods, WTO,
NAFTA, tariff administration, most-favoured nation treatment, antidumping regulation, subsidies and countervailing duties,
agriculture, trade in services, trade-related intellectual property, trade and environment, trade and developing countries.
Prerequisite: ECO328Y1, permission of instructor
ECO461H1
The Economics of Financial Risk Management 26L
The role of risk management in both private and public sectors, a discussion of why firms and government should hedge
financial risks; individual and social gains of financial risk management; identification and quantification of financial risks
(including Value-at-Risk measures); how derivative securities can be used for financial risk management.
Prerequisite: ECO358H1
ECO462H1 Financial Econometrics 26L
This course provides an introduction to the econometrics used in empirical finance. Topics will include parametric and
nonparametric models of volatility, evaluation of asset pricing theories and models for risk management and transactions data.
The course will emphasize estimation and inference using computer based applications.
Prerequisite: ECO327Y1(77%), ECO358H1(77%)/MGT331Y1(77%)/MGT337Y1(77%)
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