Zachary Seguin

ECON Courses

ECON 100 – Principles of Economics

This course provides an introduction to the basic concepts and tools of micro and macro economic analysis of individuals, businesses, and government in the global world. Topics may include consumers, producers, market structures, national income accounting, unemployment, and inflation.

ECON 101 – Introduction to Microeconomics

This course provides an introduction to microeconomic analysis relevant for understanding the Canadian economy. The behaviour of individual consumers and producers, the determination of market prices for commodities and resources, and the role of government policy in the functioning of the market system are the main topics covered.

ECON 102 – Introduction to Macroeconomics

This course introduces students to the measurement and behaviour of key macroeconomic variables both in Canada and around the world. Topics include national accounts, inflation, interest rates, wages, international balance of payments, business cycles, growth, employment, unemployment, poverty, and inequality.

ECON 201 – Microeconomic Theory for Business and Policy

This course offers an introduction to the theory of market based economies. Topics include consumer choice, production, price and output under perfect and imperfect competition, price discrimination and two part pricing, vertical and horizontal firm boundaries and integration, and market structure.

ECON 202 – Macroeconomic Theory 1

Theory of the determination of income/output (GDP), employment, unemployment, prices (inflation), and interest rates; an analysis of monetary and fiscal policy.

ECON 206 – Money and Banking 1

This course offers an overview of the functioning of the financial system both in Canada and abroad. It includes discussions of money and inflation, financial assets, and financial institutions and intermediaries.

ECON 207 – Economic Growth and Development 1

This course offers an overview of the enormous differences in living standards across countries and over time, and it considers how these can be traced to differences in economic productivity, investment, population, natural resources, government, inequality, and culture.

ECON 211 – Introduction to Mathematical Economics

An introduction to mathematical techniques of particular use in economics. Topics include matrix algebra, differentation, partial derivatives, optimization techniques including constrained optimization - all developed within the context of economic problems.

ECON 212 – Introduction to Game Theory

Game theory analyzes the strategic interaction between agents. It has applications in various fields including economics, law, political science, biology, and computer science. This course introduces the basic tools of game theoretic analysis and examines applications such as auctions, business strategy, and curbing carbon emissions. The course includes an experiential learning component where students play strategic games against each other.

ECON 220 – Entrepreneurship Principles and Practices

The role of the entrepreneur, the entrepreneurial firm, and the creative society are examined. Students are exposed to the practices that enable workplace creativity and innovation with exposure to leadership theory and project management.

ECON 221 – Statistics for Economists

This course introduces students to describing economic data and drawing inferences from features of economic data. Starting from fundamental axioms of probability, students will learn about the calculation of probabilities of basic events and the features of random variables, the most important tool for representing the outcomes of complex economic phenomena. Students will describe discrete and continuous random variables via their probability distributions and summary statistics such as means and standard deviations, as well as the relationships between two random variables in terms of covariance, correlation, and simple regression models. The concepts of hypothesis testing and confidence intervals, and the fundamentals of statistical inference are discussed for basic features of random variables and for comparing the features of more than one random variable. Prereq: ECON 101 or ECON 100/COMM 103; Not open to Math students. Coreq: ECON 211 or Science and Business students or Biotech/Chartered Accountancy students. Antireq: ARTS 280, ENVS 278, KIN 222, 232, PSCI 214/314, PSYCH 292, REC 371, SDS 250R, SMF 230, SOC/LS 280, STAT 202, 206, 211, 220, 230, 240, SWREN 250R

ECON 231 – Introduction to International Economics

This course explores international trade in goods and services, as well as the international exchange of financial assets. Economic theories will be examined, which help explain how international transactions affect the world's economies. Topics include the theory of comparative advantage and the gains from trade, tariff theory, concepts and measurement of balance of payments, exchange rate systems, and the international monetary system.

ECON 241 – Introduction to Public Economics

This course examines the scope and level of government involvement in economic activity. The main focus is on historical trends and recent developments in the extent and composition of government spending, taxation, and regulation in developed nations. A secondary focus is to introduce the current policy debates in these areas.

ECON 254 – Economics of Sport

The course will develop fundamental economic concepts in the context of the sports industry. The course begins with an investigation of some of the primary aspects of the way that the sports industry is organized. The course then considers labour economics in the context of sport. Finally, the course examines the issues that arise with the introduction of various levels of government and/or regulatory bodies in the sports industry, looking at competition between cities for sports teams.

ECON 255 – Introduction to the Economics of Natural Resources

This course uses the theory and tools of economics to explore key problems in natural resource use and management. The meaning and implications of natural resource scarcity are explored, as well as how the insights of economics can be used to guide policies to promote a more sustainable path for our future. The course examines issues of economic efficiency and equity in specific resource sectors such as energy resources, fisheries, forestry, and water.

ECON 256 – Introduction to Health Economics

Why are some people healthy and others not? Why is health different from other goods and services? How do the many stakeholders interact in health care markets? Why do countries have different health care systems? This course introduces students to how the theories and tools of economics can be used when examining health, health care, and health care policies. Concepts such as supply and demand, uncertainty, and utility will be introduced in the context of health and health care markets. While international institutions may be discussed, the course will emphasize Canadian health care markets.

ECON 261 – Philosophy of Economics

This course considers conceptual, methodological, foundational, and ethical issues in economic theory and practice. Questions include: What can philosophy teach us about economic methodology and justification? Are economic formalizations useful idealizations of human behaviour? Is economics a science? What role do values play in economic reasoning and policy-making?

ECON 262 – History of Economic Thought

This course studies approaches to economic problems in historical context. Authors examined may include Smith, Malthus, Ricardo, Marx, J.S. Mill, Walras, Marshall, Veblen, Keynes, Hayek, Aumann, Debreu, and Stiglitz.

ECON 265 – Economic Development of Early Modern Europe, 1492-1780

A survey of Europe's Economic Development from 1492 to 1780. Case studies of Spain, Venice, the Dutch Republic, England, and France are discussed. Emphasis is on technology, institutions, overseas trade, the role of the State, and the changing balance of international power.

ECON 290 – Models of Choice in Competitive Markets

Choice lies at the heart of all economic models. This course focuses on choice by consumers and firms. It explains the notion and use of utility functions and budgets, and shows how their interaction allows economists to make predictions about behaviour. The constrained maximization techniques from ECON 211 are used extensively, and extended to situations covering uncertainty (risk) and time. Profit maximization by firms is explored.

ECON 301 – Microeconomic Theory 2

Pricing and employment of inputs; general equilibrium theory; theory of modern welfare economics with some applications; intertemporal choice.

ECON 302 – Macroeconomic Theory 2

An extension of the tools developed in Macroeconomic Theory 1 to analyse topics such as unemployment and inflation, government spending, finance, consumption, investment, growth, and the open economy.

ECON 304 – Monetary Economics

This course explores the role of money in modern economies. Some of the topics covered will include: the demand for money; the determinants of the price-level, inflation and nominal interest rates; liquidity; bank risk and financial intermediation; private money; central banking and the money supply; government debt and money creation; monetary policy and credibility.

ECON 306 – Macroeconomics

This course introduces students to the analysis of inter-temporal trade-offs in macroeconomics and macroeconomic policy. Its main objective is to show how economists use economic theory to analyze the role of incentives and general equilibrium considerations in the macro-economy. Applications include national savings and investment, business cycles, and monetary and fiscal policy.

ECON 310 – History of Canadian Economic Development

A study of the economic development of Canada; development theories, industrial structure and national policies analysed in a Classical-Marxian framework.

ECON 310EW – Macro Forecasting (WLU)

ECON 311 – Mathematical Economics

This course builds on and expands the material in ECON 211. Multi-variate calculus and optimization are covered in detail, with a focus on economic applications of the envelope theorem. The implicit function theorem and its uses in comparative statics are explored. Difference and differential equations and their application to dynamic models are introduced, culminating in an introduction to optimal control.

ECON 321 – Introduction to Econometrics

An introductory course in the theory and practice of econometrics, focusing on multiple regression analysis and associated topics such as multicollinearity, heteroskedasticity and serial correlation. Simultaneous equation models will also be introduced. Computer assignments make up part of the course.

ECON 322 – Econometric Analysis 1

This course covers the core topics needed to estimate linear models using ordinary least squares and to interpret estimates for cross-sectional data. Students will learn to interpret the coefficients of linear models for continuous and discrete regressors, to conduct reliable inference for different specifications of the error term, and to determine which model is the most suitable among the class of linear models. It concludes with an introduction to the method of instrumental variables. Students will be introduced to a statistical software package and will be required to complete regular computer-based assignments throughout the course that either: (i) simulate the statistical distribution of the least squares estimator under an assumed model; or (ii) estimate the parameters of an assumed model using a sample of data from the real world.

ECON 323 – Econometric Analysis 2

This course covers the most important methods used in applied economics research beyond the least-squares estimator. It starts by exploring solutions to the endogeneity problem in detail, emphasizing proper ways of conducting causal inference. It extends the methods covered in ECON 322 to the case in which the data are observed over time. Students will learn how to estimate and interpret dynamic models and how these models affect our ability to do inference. The course also covers methods for data in which the response variable is either qualitative, with or without multiple levels, or count data. For that purpose, it introduces students to maximum likelihood estimation, and the estimation of models by probit, logit, and Poisson regressions. Assignments have the same data-based focus as in ECON 322.

ECON 332 – International Finance

An analysis of the main issues in international finance. Topics include international borrowing and lending, intertemporal gains from trade, current account and balance of trade movements, the determination of exchange rates and foreign exchange markets.

ECON 333 – Urban and Regional Economics

An economic analysis of urban and regional development issues, theories and policies with special reference to Canada. Topics may include locational analysis, migration, inter-regional trade and urban and regional growth.

ECON 334 – Institutions of International Trade and Finance

A political economy analysis of multilateral institutions of international trade and finance. Topics will include discussion of Free Trade Areas and Customs Unions, (NAFTA and EU), the WTO (formerly GATT), the International Monetary System and the IMF, the World Bank and the Bank for International Settlements.

ECON 335 – Economic Development

The nature of the problem of economic development; theories of economic development; major policy issues in economic development.

ECON 341 – Public Economics: Expenditure

The course focuses on the rationale for government intervention in a market economy. The course begins with a consideration of market successes through the analysis of the first and second theorems of welfare economics. The course then considers market failures through an analysis of distributional issues, public goods, externalities, non-competitive market structures, and asymmetric information. Time permitting, some issues in the public economics of taxation may be covered.

ECON 342 – Public Economics: Taxation

The course focuses on the public economics of taxation. Normative topics include the efficiency and distributional aspects of taxation and positive topics include the incentive effects of taxation and tax incidence. Time permitting, some issues in public expenditure theory may be covered.

ECON 344 – Marketing 1: Principles of Marketing and Consumer Economics

Economic principles for marketing, exchange theory and consumer analysis, product or service introductions, public and private policies for advertising, differentiation, and quality assurance.

ECON 345 – Marketing 2

Because firms exist to satisfy customer needs, a solid understanding of the consumer is needed for any successful marketing management. The course also considers how products, services, and consumption can have far-reaching social impacts.

ECON 351 – Labour Economics

A study of the supply of labour by individuals (and unions) and the demand for labour by firms. Topics include the labour market effects of social assistance, unemployment insurance and minimum wages, discrimination in the labour market, efficient wage contracts, the determinants of wage inflation and unemployment.

ECON 355 – Economics of Energy and Natural Resources

An analysis of the economics of conservation, especially the adequacy of the market mechanism as an allocator of resource use over time. Issues concerning the economic behaviour of Canada's fishery, forest, fuel and nonfuel mineral industries will be considered.

ECON 357 – Environmental Economics

Application of economic theory to problems of the environment, in particular, air, water, and land pollution. Emphasis is on the theory of the management of common property resources.

ECON 361 – Cost-Benefit Analysis and Project Evaluation

Methods for evaluating private and public projects; decision rules, efficiency conditions, and methods of conducting cost-benefit analysis. Application of the technique.

ECON 363 – The Economics of Social Problems

A topic-oriented course. Problems are selected from a list that includes regulatory economics, poverty, unemployment, industrial policy, safety, social policy, government deficits/debt, stabilization policy, and others. The format assists the student in gaining analytical skills through work on the selected topics.

ECON 365 – Economic Development of Modern Europe

A survey of Europe's economic development from the Industrial Revolution to 1939. Case studies of England, France, Germany, Russia and the Soviet Union are discussed. Emphasis is on technology, economic institutions, capital formation, standards of living and the role of the State.

ECON 366 – Gender and Economics

This course explores historical trends and economic theories and models to investigate the development of gender norms and changes in those norms across time. It questions whether physiological differences, economic models (e.g., comparative advantage, specialization, or discrimination) or social constructs can explain gender differences in roles within the family, education, work, pay, and poverty and changes in the differences across time. Social policies designed to diminish gender differences will be scrutinized. Some topics/questions that may be addressed include the rise in labour force participation of women post World War II; occupational and wage differences between men and women; changing educational attainment; and how men and women make decisions regarding marriage, fertility, child care, elder care, and divorce.

ECON 371 – Business Finance 1

The course explores decisions faced by managers of firms. In particular, decision-makers must determine which long-term real investment opportunities to exploit. Once undertaken, managers must decide how to finance the projects, for example, by debt or equity. The course develops both the conceptual framework and the tools required for these decisions. Prereq: ECON 101 or ECON 100/COMM 103; ECON 102; ECON 221 or one of ARTS 280, ENVS 278, KIN 222, 232, PSCI 214/314, PSYCH 292, REC 371, SDS 250R, SMF 230, SOC/LS 280, STAT 202, 206, 211, 220, 230, 240, SWREN 250R. Antireq: AFM 271/273, AFM 274/371, ACTSC 371 prior to Fall 2014, ACTSC 372 after Fall 2014.

ECON 372 – Business Finance 2

This course examines a number of topics relevant to financial practitioners. The topics examined may include options, derivatives securities, futures markets, swaps and hedging. Prereq: ECON 211, ECON 371, and (ECON 221 or one of ARTS 280, ENVS 378, KIN 222, 232, PSCI 214/314, PSYCH 292, REC 371, SDS 250R, SMF 230, SOC/LS 280, STAT 202, 206, 211, 220, 230, 240, SWREN 250R); or for Mathematics students ECON 101 or ECON 100/COMM 103, ECON 102 and one of ACTSC 371 prior to Fall 2014, ACTSC 372 after Fall 2014. Antireq: ACTSC 446 (for Actuarial Science students only)

ECON 381 – Special Topics

One or more special half courses may be offered at different times as announced by the Department.

ECON 382 – Special Topics

One or more special half courses may be offered at different times as announced by the Department.

ECON 383 – Special Topics

One or more special half courses will be offered at different times as announced by the Department.

ECON 384 – Special Topics

One or more special half courses will be offered at different times as announced by the Department.

ECON 385 – Special Topics

One or more special half courses will be offered at different times as announced by the Department.

ECON 386 – Special Topics

One or more special half courses will be offered at different times as announced by the Department.

ECON 387 – Special Topics

One or more special half courses will be offered at different times as announced by the Department.

ECON 388 – Special Topics

One or more special half courses will be offered at different times as announced by the Department.

ECON 389 – Special Topics

One or more special half courses will be offered at different times as announced by the Department.

ECON 391 – Equilibrium in Market Economies

Central to the study of economics is the concept of an equilibrium in which the actions of individuals are not only individually optimal, but are also consistent with each other; such as when the total amount of a good that individuals wish to purchase equals the total amount available. This course introduces students to the notion of equilibrium for a market and market economy. The properties of such equilibria are explored, both in terms of model logic (existence, uniqueness) as well as in terms of the desirability of the equilibrium outcomes (efficiency, welfare). Partial equilibrium (in a single market) as well as general equilibrium (in all markets at once) are covered for models with endowments, production, uncertainty, and time.

ECON 392 – Strategic Situations and Welfare Economics

Many economic decisions are made in circumstances where there are no competitive markets. This course introduces students to individual and group choice in such settings. It covers how to model such settings as "games" in both the extensive and strategic form, and introduces the key equilibrium concepts associated with these models. An introduction to considerations in group decision making via cooperative game theory and welfare economics is provided in the last part of the course.

ECON 393 – Market Failures

This course explores the many ways in which the assumptions of the perfectly competitive model are violated in the real world, and the consequences of these market failures for consumers and firms. The course examines potential government intervention to "fix" the failures as well as the limits of government intervention. Topics include monopoly/monopsony, externalities, the tragedy of the commons, public goods, asymmetric information, and incomplete information.

ECON 401 – Microeconomic Theory 3

The course considers a number of topics in microeconomics. Possible topics include decision theory, the analysis of uncertainty, principal-agent problems, game and information theory, social choice theory and the coordination of economic activity through prices, quantities, command and coercion.

ECON 402 – Macroeconomic Theory 3

The course develops and analyzes simple models of the economy that recognize explicitly the dynamic nature of decision making and market interactions. These models will be used to interpret and understand macroeconomic phenomena including money and inflation, unemployment, savings and investment, and the national debt.

ECON 403 – Topics in Economic Forecasting

The course focuses on the problems of forecasting economic variables. Topics include the importance of economic forecasting; a survey of major forecasting methods including subjective probability, survey methods, exponential smoothing, econometric models, and time series models; forecast evaluation; and methods for managing forecast systems. Applications will be drawn from microeconomics, macroeconomics, finance, and special issues involving new product demand, population and technology forecasting.

ECON 404 – Topics in Money and Finance

A discussion of topics in monetary policy. Topics may include: foundations of monetary theory, portfolio choice, term structure of interest rates, money supply and money demand, decision-making under uncertainty, capital asset pricing models, financial flow analysis, rational expectations and monetary policy.

ECON 405 – Topics in Financial Econometrics

This course is one of the topic courses in Econometrics. The course will focus on both the Econometric theory and applications in Economics and Finance. Topics may include several main components, such as regression theory (linear/non-linear regression models, multivariate regressions), estimation methodology (OLS, MLE, GMM, WLS/GLS, Monte Carlo simulations), and time series analysis/financial modelling (stochastic process, general ARMA process, autoregressive conditional heteroskedasticity model, stochastic volatility model, high frequency data analysis, nonstationarity for time series and co-integration, continuous time stochastic process).

ECON 406 – Money and Banking 2

This course examines the monetary and financial aspects of the macro-economy. It prepares students to conduct analyses of problems and policies in monetary economics. Topics may include analyses of the banking system, financial crises, and monetary policy.

ECON 407 – Economic Growth and Development 2

The goal of this course is to understand the enormous differences in living standards across countries and over time. It uses economic analysis to understand the sources of investment and innovation, and the role of economic, social, and political institutions in economic growth and development.

ECON 408 – Business Cycles

This course prepares students to conduct analyses of problems and policies associated with macroeconomic fluctuations. It examines the empirical features of business cycles, and discusses how macroeconomic models help to understand business cycles and to assess the consequences of alternative macroeconomic policies.

ECON 409 – Workers, Jobs, and Wages

This course examines the role of labour markets in the macro-economy. It focuses on the analysis of aggregate employment, unemployment, labour force participation, and earnings inequality. The main goal of the course is to understand current labour-market outcomes both in Canada and around the world.

ECON 410 – Economic Thought

A critical survey of the development of Economic Theory from Classical Political Economy to the Keynesian Revolution.

ECON 411 – Advanced Mathematical Economics

Mathematical formulation of economic theory; introduction to dynamic optimisation and optimal control theory; analysis of stability conditions; introduction to linear and nonlinear programming and game theory.

ECON 412 – Topics in Game Theory

This course builds on ECON 392 to give students a broader exposure to game theory. Possible topics include extensive games with imperfect information, evolutionary games, repeated games, as well as applications of game theory such as auctions and negotiations.

ECON 421 – Econometric Theory

This course offers an advanced treatment of topics covered in ECON 322/323 through the extensive use of matrix algebra, statistical theory and numerical methods. After a review of the required mathematics, these tools will be used to derive the least-squares estimator for the standard linear model and to conduct inference about features of the model, checking the results of theory using regression software and economic data. Then this framework will be used for theoretical generalizations of the model and their estimation using regression software. By the end of the course, students will be able to estimate a linear model and conduct accurate inference in cases where economic data violate the assumptions of the standard linear regression model. This includes methods for dealing with heteroskedastic data, observations that may be dependent over time, response distributions with heavy tails or limited range (such as binary outcomes and count variables), and observations that may suffer from selection bias.

ECON 422 – Microeconometric Analysis

This course investigates advanced estimation and inference techniques for microeconomic data. Students will learn about error components models that are used for economic data that exhibits significant unobserved heterogeneity. The estimation of treatment effects using fixed effects and difference-in-differences methods will be covered, and design-based methods of causal inference such as matching and regression discontinuity may be covered as well. Extensions such as multilevel or hierarchical models, limited dependent variable models, duration models or selection models may also be included. Students also learn how to apply these methods using computer software, and will use it to analyze complex data from household and firm-level surveys in assignments.

ECON 423 – Time Series Econometrics

This course introduces students to popular methods and practices of analyzing data that exhibit dependence over time. The topics may cover fundamental linear time series models (autoregressive processes, moving average processes and their generalizations), modelling time-varying volatility (the autoregressive conditional heteroskedasticity or ARCH family of models and stochastic volatility models), multivariate time series analysis, non-stationary models, and ongoing topics in modern time series econometric research. The course is designed to balance the introduction of statistical theory and applications with empirical data. A main component of this course consists of practical exercises and an empirical project with real data.

ECON 436 – International Trade

An examination of theories of international trade. Topics include the gains from trade, theories of trade determination (Ricardian, Heckscher-Ohlin, increasing returns to scale), the effects of tariffs, multinational corporation behaviour and factor mobility.

ECON 441 – Public Economics

This course examines to what extent government spending, taxation, and regulation policies in developed nations are driven by economic rationales for government involvement in economic activity. Both efficiency and distributional rationales are considered. Examined areas of government spending include education, pensions, infrastructure, health care, science, innovation, and social welfare programs. Examined areas of the tax structure include personal income taxes, corporate taxes, consumption taxes, and environmental taxes. Examined areas of regulation may include topics such as alcohol, organ transplants, and gasoline standards. A key aim of the course is to generate an appreciation of how theories of market failure guide public policy.

ECON 442 – Economics of Taxation

This course discusses economic issues in taxation. Topics may include general equilibrium tax incidence, computable tax models, optimal taxes, development taxation, environmental taxation, tax reforms and fiscal federalism.

ECON 443 – Advanced Public Economics

This course covers advanced topics in public economics and introduces students to the current research frontier in public economics. Examined areas may include topics such as public choice and voting, dynamic tax policy modelling, tax competition, regulatory capture, policy reform, fiscal federalism, and equalization. Both theoretical and empirical recent research will be covered. For each research topic covered, the course provides an introduction to the relevant background literature. A key course aim is to gain an appreciation of how research can inform public policy.

ECON 445 – Industrial Organization and Public Policy

This course analyzes the structure of markets and how firms compete in them. The emphasis is on oligopoly markets and the use of game theory. The course focuses on differentiated goods, price discrimination, barriers to entry, vertical relationships, advertising, strategic behaviour, and empirical industrial organization including the estimation of demand and costs. Applications to competition policy emphasizing the evaluation of horizontal mergers are presented as well.

ECON 451 – Law and Economics

Legal rules and jurisprudence can have a significant effect on resource allocation. A key question is whether legal regimes affect the optimality of an equilibrium and succeed in bringing society closer to a welfare maximizing outcome. From another perspective, a relevant question is on the objective or motivation behind the enactment of specific legislation. Recent studies suggest that much legislation is consistent with simple welfare concepts developed by economists. The course focuses on these issues with examples drawn from property, contract, tort, and criminal law.

ECON 452 – Topics in Labour Economics

The course presents an overview of the relevant theoretical and empirical research questions related to employment relationships (pay, mobility, workplace organization). The course will offer a combination of tools (theoretical or statistical) and applications of these tools to various topics. Each topic addresses research questions for which we will see the associated seminal papers and more recent papers providing the latest findings on the given topic. The findings may come from new theoretical arguments, data improvement and/or finer methodological tools, all offering a way to better address the question.

ECON 456 – Topics in Health Economics

This course explores the theories and models developed to study the health and health-care sectors from an economic viewpoint. The course will focus on the economic tools necessary to evaluate the efficiency of the market for, and the efficient allocation of scarce resources in, health and health care. Examples of possible topics to be covered are the nature of the market, supply and demand of health care, asymmetries of information, externalities, principal-agent relationships, insurance and cost-benefit analysis.

ECON 461 – Comparative Economic Systems

This course focuses on the principal forms of advanced capitalism in the contemporary world. Emphasis is placed on the theoretical understanding of the operating principles of these systems, together with trends towards convergence and divergence. In addition, various transitions to capitalism in eastern Europe, the former Soviet Union, and 'the South' are analysed. Topics such as the extent and significance of globalization, U.S. hegemony, European integration, the formation of regional trading blocks, and international conflict and cooperation also figure prominently.

ECON 465 – Economics in History: Topics in European History 476-1800 AD

A survey of the role played by selected economic variables in long-term economic growth and decline. Issues include the impact of technological change, supply shocks, inflation, warfare, climatic change, population growth or contraction, institutions, and the size and role of governments. Period coverage will range from the fall of the Roman Empire to the end of the 18th century.

ECON 471 – Computational Economics

Basic concepts and techniques of computational economics. Topics may include computable general equilibrium models, data and calibration, system sensitivity, and dynamic extensions. Depending on class backgrounds and interests, applications may cover areas such as economics of taxation, international trade, industrial organization, economic history, development, environment, dynamics, and finance.

ECON 472 – Senior Honours Essay

Students are required to identify a research topic, conduct research independently, write a research paper, and attend class meetings. Each student is supervised by a member of the Economics faculty. Class meetings cover topics such as a general overview of research methods in economics, research ethics, finding reference material, citing practices, and effective writing and presentation.

ECON 474 – Numerical Methods for Economists

This course covers important topics related to scientific computing through applications in microeconomics, macroeconomics, and econometrics. The topics include floating point arithmetic, nonlinear equations, constrained and unconstrained optimization, numerical derivatives and numerical integration, differential equations, and dynamic models. Students will also develop their programming skills by learning strategies to write structured and efficient programs.

ECON 483 – Special Topics

Special topics that may vary with individual instructor's areas of research interest.

ECON 484 – Special Topics

Special topics that may vary with individual instructor's areas of research interest.

ECON 485 – Special Studies

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

ECON 486 – Special Studies

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

ECON 487 – Special Studies

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

ECON 488 – Special Studies

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

ECON 489 – Special Studies

Research and reading courses under the direction of individual instructors. See Economics Undergraduate Officer for course registration.

ECON 491 – Advanced Microeconomics

This course prepares students for graduate-level theory courses. Students will be exposed to a selection of topics treated with the mathematical rigour required for graduate work.

ECON 496 – Advanced Macroeconomics

This course provides students with the methodological principles that underlie modern analyses of the macro-economy, and to prepare students for graduate-level macroeconomic theory courses.

ECON 601 – Microeconomic Theory I

This course studies models of economic decision making. Topics include: choice under uncertainty, consumer and producer theory and game theory.

ECON 602 – Macroeconomic Theory I

The main purpose of this course is to provide students wil the methodological tools that underlie dynamic equilibrium analysis of the macro-economy.

ECON 604 – Monetary Theory and Banking

This course for MA students examines the monetary and financial aspects of the macro-economy. Its main purpose is to prepare students to conduct analyses of problems and policies in monetary economics. Topics may include the link between monetary policy and output, the economic cost of aggregate fluctuations, the costs and benefits of price stability, the role of central banks and the banking system.

ECON 605 – Computational Economics

Static and dynamic general equilibrium modelling; computation, calibration and simulation. Sensitivity analysis. Policy applications.

ECON 606 – Research Methodology

This course focuses on increasing students' understanding of the roles of economic theory and empirical methods and on the development of skills in the critical analyses of economic research. Through reading a variety of research papers and attending seminars, students will gain exposure to different research methodologies used in economics. Students will learn how to synthesize and critique research on a particular topic by writing reviews of academic papers and/or research reports from government and non-governmental agencies, as well as by writing a paper such as literature survey on an assigned topic. Students will enhance their writing skills and will also gain practice in presenting a research paper.

ECON 621 – Econometrics I

Specification and estimation of the linear regression model. Departures from the Gauss-Markov assumptions include heteroskedasticity, serial correlation, and errors in variables. Advanced topics include generalized least squares, and simultaneous equations/instrumental variables. They may also include nonlinear regression, and limited dependent variable models. Some or all of the problem sets involve working with the computer.

ECON 622 – Applied Microeconometrics I

This course provides an introduction to the analysis of microdata - data in which the unit of analysis in an individual decision-maker, such as a consumer, worker, or firm. The course familiarizes students with the various types of mircodata structures and draws links between theoretical economic models and statistical models. It devotes considerable attention to anlytical techniques for describing univariate and bivariate distributions, including the use of kernel density estimators and scatterplots. The course addresses statistical inference using multivariate regressions, covering a series of techniques and issues of particular significance in the analysis of microdata. Examples include Monte Carlo methods; bootstrapping; the use of sampling weight; omitted variable bias; measurement error; and instrumental variables. Completion of an empirical project is a course requirement.

ECON 622A – Applied Microeconometrics

This course provides an introduction to the analysis of microdata - data in which the unit of analysis in an individual decision-maker, such as a consumer, worker, or firm. The course familiarizes students with the various types of mircodata structures and draws links between theoretical economic models and statistical models. It devotes considerable attention to anlytical techniques for describing univariate and bivariate distributions, including the use of kernel density estimators and scatterplots. The course addresses statistical inference using multivariate regressions, covering a series of techniques and issues of particular significance in the analysis of microdata. Examples include Monte Carlo methods; bootstrapping; the use of sampling weight; omitted variable bias; measurement error; and instrumental variables. Completion of an empirical project is a course requirement.

ECON 622B – Applied Macroeconometrics

This course focuses on the econometric techniques of empirical problems. Topics may include some basic concepts in time series analysis (such as deterministic and stochastic processes, stationary, ACF, Ergodicity conditions), established estimation techniques (such as OLS/GLS, MLE, GMM, Monte-Carlo simulation), popular univariate and multivariate time series models (such as ARMA process, autoregressive conditional heteroskedasticity model, stochastic volatility model, Vector Autoregression, Vector Moving Average), and non stationary models (such as random walk, unit roots, Dickey-Fuller Tests, Co-integration System and error corrections). Some related (empirical/theoretical) published papers for each topic may be discussed in class. An empirical project is required in the course, requiring the use of software (such as Matlab, SAS).

ECON 623 – Applied Macroeconometrics I

This course focuses on the econometric techniques of empirical problems. Topics may include some basic concepts in time series analysis (such as deterministic and stochastic processes, stationary, ACF, Ergodicity conditions), established estimation techniques (such as OLS/GLS, MLE, GMM, Monte-Carlo simulation), popular univariate and multivariate time series models (such as ARMA process, autoregressive conditional heteroskedasticity model, stochastic volatility model, Vector Autoregression, Vector Moving Average), and non stationary models (such as random walk, unit roots, Dickey-Fuller Tests, Co-integration System and error corrections). Some related (empirical/theoretical) published papers for each topic may be discussed in class. An empirical project is required in the course, requiring the use of software (such as Matlab, SAS).

ECON 624 – Dynamic Optimization with Applications

After exploring solutions for first and second-order difference and differential equations, the course studies the calculus of variations, optimal control theory, discrete and continuous dynamic programming, with applications to various fields; including micro and macroeconomics, natural resource and environmental economics, finance and investment theory. Techniques of dynamic simulation are discussed.

ECON 631 – International Trade

This course presents classical and new international trade theories and discusses selected topics representative of recent empirical research. Theory, extensions, applications and empirical tests of models such a Ricardian, Hecksher-Ohlin, increasing returns to scale and imperfect competition, political economy, heterogeneous agents (Melitz) will be covered. Additional elective topics include trade and environment; economic geography; trade, aid and development; trade and conflict; trade and growth.

ECON 635 – International Trade & Development

This course is aimed at exploring the nexus between international trade, growth, and development through a set of selected readings. The course will not present a comprehensive treatment of the subject area. Rather, it will provide an introduction to a few selected topics that are suggestive of both the typical questions posed in the literature and of the manner in which the literature has developed over time. The topics will include models of international trade under perfect and imperfect competition, models of north-south trade, immiserizing growth, the Dutch disease, trade as an engine of growth, and international trade, technological change and long-run growth.

ECON 637 – Economic Analysis and Global Governance

This course demonstrates the usefulness of economic analysis to the study of global governance. Topics include the economic analysis of international trade, foreign direct investment, and international finance. Students with more advanced economics background (as a minimum, at least one economics course above the 100 level that focused on international economics or an equivalent applied course such as development economics, environmental economics) are recommended to replace 637 with one of a list of courses, including internationally oriented economics courses, some of the PSCI international political economy courses, or Faulty of Environment courses that include significant international political economy content.

ECON 641 – Public Economics: Expenditure

This course studies the economic role of the public sector in a modern market economy. Topics include the efficient provision of public goods, externalities and public choice analysis of the growth in government spending. Time permitting, some issues in the public economics of taxation may be covered.

ECON 642 – Public Economics: Taxation

This course discusses the economic effects of taxation. Topics may include the design of a desirable tax system, the structure of income, consumption and wealth taxes in Cananda, the efficiency cost and incidence of various types of taxes, international aspects of taxation, and fiscal federalism. Time permitting, some issues in public expenditure theory may be covered.

ECON 643 – Health Economics

This course introduces students to the role of economics in health care and health policy. It is meant to be a survey of major topics in health economics and an introduction to the ongoing debate over health care policy. Topics include the economic determinants of health and health policy, the market for medical care, the market for health insurance, and the role of the government in health care, and health care reform.

ECON 645 – Industrial Organization I

Study of the firm as a rational economic agent, how it makes decisions and implements strategies in markets that are imperfectly competitive, and the differences in industry equilibrium relative to perfect competition. The course covers market owe (oligopolies and monopolistically competitive models), the theory of the firm (organization and contracts), vertical restraints, differentiated products, price discrimination, advertising, barriers to entry, and strategic behaviour.

ECON 648 – Industrial Organization II

This course examines public policies in imperfectly competitive markets. The focus is on how different public policies impact dynamic welfare through their effects on innovation. The course explores the role of innovation in antitrust policy, examines in detail different forms of intellectual property rights, and introduces students to concepts such as technological opportunity, induced innovation, and preference externalities. Throughout the course the methodological emphasis is on studying when economic research - whether theoretical or empirical - can inform public policy.

ECON 651 – Labour Economics

Labour market structure and operations. Theories of real wages, labour supply, employment-unemployment, and labour unions.

ECON 655 – Resource Economics

The economics of renewable and non-renewable resources in a Canadian context. Problems peculiar to the fisheries, forestry, mineral industries and oil and gas production and consumption are analyzed. Also considered are economic and constitutional issues arising from the uneven distribution of resource rents in Canada.

ECON 657 – Environmental Economics

This course will review the application of the tools and theory of economics to environmental problems. The normative foundations of economic analysis will be discussed including efficiency, intergenerational equity and sustainability. The design and implementation of environmental policy will be analyzed including the use of command and control regulation, market-based instruments, and legal liability. Applications to various environmental issues may include global warming, trans-boundary pollution, and trade and the environment.

ECON 659 – Real Options and Investment under Uncertainty

This course considers the application of option concepts from finance to value real assests. The focus is on using real options theory and methodology to value investments characterized by uncertainty, irreversibility, and flexibilty inthe timing of irreversible expenditures. The course begins with an introduction to stochastic processes, Ito's Lemma, the Black-Scholes equation, contingent claims analysis and dynamic programming. Methods to solve simple option value problems will be presented, such as binomial trees and Monte Carlo simulation. Applications will focus on problems in natural resource and environmental economics, such as valuing the option ot drill for oil or install pollution control equipment and, time permitting, other appications in economics.

ECON 672 – Financial Economics

Topics covered include: expected utility theory, no-arbitrage pricing, equilibrium-pricing models, derivative-security pricing, asymmetric information, capital structure theory and dividend policy.

ECON 673 – Special Topics in Economics

One or more half-courses will be offered at different times as announced by the Department.

ECON 701 – Micro II

This course builds on the models and the techniques developed in Microeconomic Theory I. Topics may include general-equilibrium analysis, game theory, the economics of information, mechanism design and applications of bargaining theory to the theory of markets.

ECON 702 – Macro II

The main purpose of this advanced course is to prepare PhD students to conduct research to conduct research in macroeconomics.

ECON 704 – Monetary Economics 2

This course for PhD students examines the monetary and financial aspects of the macro-economy. Its main purpose is to prepare students to conduct analyses of problems and policies in monetary economics. Topics may include the link between monetary policy and output, the economic cost of aggregate fluctuations, the costs and benefits of price stability, the role of central banks and the banking system.

ECON 721 – Econometrics II

The course provides a rigorous treatment of more advanced topics in econometrics. They include system of equations, simultaneous equations, generalized method of moments, empirical likelihood, vector autoregression and dynamic models, time series models and methods, discrete dependent variables, and limited dependent variables.

ECON 722 – Applied Microeconometrics II

This course reviews identification strategies used in the analysis of cross-sectional and longitudinal microdata. Techniques primarily come from applications in labour economics, health economics and industrial organization. These may include fixed and random effects models, duration analysis, instrumental variables estimators, nonparametric and semi-parametric analysis, decomposition techniques, quantile regression, difference-in-difference estimators, propensity score matching and regression discontinuity design. The primary objectives of the course are to familiarize students with current methods used in microeconometric research and provide them with hands-on experience applying these methods using an appropriate statistical software package.

ECON 723 – Applied Macroeconometrics II

This course covers some of the most important concepts, models and methods used in the empirical analysis of macroeconomic problems. In particular the course covers established time series techniques as well as more recent developments such as testing for unit roots, measurement of the persistence of shocks and estimation and hypothesis testing in cointegrated systems. Several dynamic models will be studied using time series analysis methods. Topics covered include basic concepts in time series analysis (modelling volatility and trend), VAR Modes (including structural VAR's), VECM and Cointegration, neural networks and estimation of DSGE models. During the course, students will have the opportunity to explore several case studies using econometric software such as RATS and MATLAB.

ECON 727 – Financial Econometrics

This course focuses on the theory and application of estimation and statistical evaluation of continuous-time stochastic processes frequently used in finance. In particular, it provides an in-depth discussion of estimation methods and statistical tests in the context of dynamic models of the term structure of interest and option pricing.

ECON 741 – Advanced Public Economics Expenditure

This course familiarizes PhD students with recent developments in research on government expenditures. By the end of the course, students are expected to know what are the main current academic and policy debates in relation to public expenditures as well as what research papers from the most recent important contributions to these debates. This course is an essential part of preparation for students aiming to write a thesis in public economics. Topics include, but are not limited to, the efficient provision of public goods, externalities, public choice and voting, fiscal federalism and equalization, and public policy reform.

ECON 742 – Advanced Public Economics: Taxation

This course provides an advanced research-oriented exploration of selected issues in the economics of taxation. By the end of the course, students are expected to know what are the main current academic and policy debates in relation to personal and corporate taxation as well as what research papers form the most recent important contributions to these debates. This course is an essential part of preparation for students aiming to write a thesis in public economics. Topics include, but are not limited to, applied tax incidence and analysis, dynamic tax policy modeling, optimal taxation, tax competition, fiscal federalism and equalization, and tax policy reform.

ECON 743 – Topics in Health Economics

The course builds upon the MA course in Health Economics (643). This topics course is designed for students wishing to undertake research in the area of health policy. The course will examine health and economic literature on mutually (instructor and students) agreed upon topics, focusing on current research issues in population health, health-services research, economic evaluation, and health policy analysis from an economic perspective.

ECON 751 – Advanced Labour Economics

This course offers a study of the core topics in labour economics. Labour supply, labour demand, wage determination and unemployment are presented in the context of consumer and producer choice theory. Knowledge of graduate level microeconomic theory and econometrics is required. Although no familiarity with specialized econometric methods is assumed, this course will introduce students to common estimation techniques employed in labour economics. Students will also learn about the more recent treatment of the core topics through readings of current research analyzing models' extensions.

ECON 757 – Advanced Environmental Economics

This course is intended for PhD students who specialize in the field of environmental economics. It provides an advanced analysis of the interplay between economic activities and the environment, and environmental regulation. The course will focus on the application of several advanced economic tools and methods covered in the core PhD theory courses to environmental problems. Topics may include the application of general equilibrium theory, game theory, real options theory, optimal control theory, dynamic optimization, and econometric analysis to environmental policy analysis and design.

ECON 773 – Special Topic in Economics

One or more courses will be offered at different times as announced by the Department.