Economics (ECON) Courses
An introduction to graduate-level microeconomic theory, including topics such as utility maximization and individual choice, decision-making under uncertainty, producer theory (technology, costs, and profit maximization), alternative market structures (competition, monopoly, and oligopoly), general equilibrium, and the economics of information.
An introduction to graduate-level macroeconomic theory, including topics such as economic growth, consumption, investment, real and nominal frictions in the goods, labour, and credit markets, models of short-run economic fluctuations, and monetary and fiscal policy design.
An introduction to econometrics at the graduate level. Topics include the analysis and treatment of univariate and multivariate regression models, GLS, IV, and maximum likelihood estimation, hypothesis testing, seemingly unrelated regression models, and simultaneous equations models, together with relevant economic applications.
Methods of Economic Research
Formulation, specification, and analysis of economic and econometric models; derivation of policy implications; communication of results and economic methodology.
Precludes additional credit for ECON 5006 (no longer offered).
Prerequisite(s): ECON 5020 (ECON 5000 if taken before 2012-2013, ECON 5001 if taken before 2007-2008) and ECON 5027 (ECON 5005 if taken before 2012-2013), or permission of the Department.
Value, the dynamic optimization problems of firms and investors, risk-neutral pricing, and related topics.
Financial Markets and Instruments
Capital structure, debt financing, options, financial planning, corporate governance, and related topics.
Applied Financial Econometrics
Statistical analysis and econometric techniques applied to financial data. Topics will include learning to use financial data, statistical diagnostics, forecasting, data mining for large data, asset allocation (copulas, GARCH, and DCC), hedging with derivatives, credit risk modeling, basic programming in Finance (Python or R).
The econometrics of empirical finance including parametric and nonparametric models of volatility, evaluation of asset-pricing theories, and models for risk management and transactions data.
Advanced Topics in Financial Economics
Current research in financial economics. Topics may include theoretical analysis, quantitative methods, policy issues, and applications to the financial industry.
Economic Analysis of Public Policy
How economic theory and empirical analysis are used to design and evaluate public policy, with emphasis on how the expectations, uncertainties, and practicalities faced by policymakers affect the design and implementation of economic policies.
Central Banking: Monetary Policy Framework and Challenges
The role of central banks in stabilizing the economy and keeping inflation low. Topics include conventional monetary policy, quantitative easing, forward guidance, and central bank communication, inflation targeting frameworks, financial stability risks, central bank digital currencies, and recent challenges in industrialized countries.
Fiscal Policy in Canada: Practice and Challenges
Examination of fiscal policy through an economic lens. Topics include the assessment of inputs (both analytical and political) into decision-making, fiscal multipliers, the importance of public communications, the role of federal-provincial relations, and the roles of the bureaucracy and the Cabinet.
Innovation Policy and Economic Growth
How innovation, technological progress and productivity drive the economic growth, prosperity and welfare of nations with particular attention to job creation and destruction, the financing of innovations including venture capital, private-public partnerships, public policies to promote innovation and green technologies.
Economic Policy Formulation and Evaluation
Formulation of policy paradigms based in economic theory and their application to various relevant and current policies, including those relating to social assistance, labour, tax expenditures, and the environment. Tools used for the evaluation of public, private, and non-profit projects and policies.
Selected Topics in Economic Policy
Overview of selected topics at the forefront of Economic Policy, including financial market regulation, competition policy of digital, healthcare, and labour markets, economics of pandemics and climate change, environmental justice, green finance and climate risk, artificial intelligence, data analytics, and machine learning, among others.
Selected Topics in the History of Economic Thought
The development of economic thought through time in relation to selected economic problems.
Also offered at the undergraduate level, with different requirements, as ECON 4209, for which additional credit is precluded.
The application of economic theory and quantitative techniques to selected topics in economic history, which may include historical patterns of growth and welfare, nineteenth-century globalization, technological change, the development of agriculture, industrialization, the Great Depression, and the origins of central banks.
Industrial Organization I
An examination of theories pertaining to industrial organization and their application by way of empirical studies. Topics include oligopoly theory, product differentiation, and strategic behaviour.
Industrial Organization II
Regulation and competition policy as alternative approaches for influencing industry conduct and performance and correcting market failures. Topics may include incentive regulation under asymmetric information, cost-based pricing, second-best pricing, peak-load pricing, rate-of-return regulation, price-cap regulation, access pricing, and regulatory capture.
Topics in Industrial Organization
Topics may include vertical restraints and vertical integration, innovation and research and development, network economics, contract theory, search theory and advertizing, and industry studies.
Applied Industrial Economics
The application of industrial economics, with special emphasis on Canada and the rest of North America. Topics include the structure of consumer demand, firm production and investment, industrial structure and international trade, and the effect of government policies on industrial development.
Labour Economics I
The application of microeconomic and macroeconomic theory to the labour market. Topics include labour supply and labour demand, wage determination, human capital, and the economics of education, and unemployment.
Labour Economics II
Personnel economics and contract theory. Topics include the economics of unions, discrimination, the economics of the household, gender and fertility, and labour mobility.
Advanced Topics in Labour Economics
Topics may include program evaluation, inequality, labour markets and health, labour markets and crime, and the structural estimation of labour market models.
Public Economics: Expenditures
The theory of public expenditures. Topics may include public goods and externalities, social insurance and redistribution, public provision of health care and education, public pension systems, and unemployment insurance.
Public Economics: Taxation
The study of tax systems. Concepts of equity and efficiency in taxation. The optimal design of tax structures using commodity, income, and capital taxes. Additional topics may include political economy of taxation, low-income support, environmental taxes, and tax evasion.
Topics in the Theory of Public Economics
Topics may include political economy, tax incidence in general equilibrium, the theory and practice of tax reform, normative approaches to income redistribution, the theory of non-market decision-making, the non-profit sector, and social choice theory.
Economic aspects of federalism, including efficiency, redistribution, consideration of a federal system of government, intergovernmental grants, and problems of stabilization policy in a federal context.
Cost-Benefit Analysis and Project Evaluation
Techniques and problems in cost-benefit analysis and the evaluation of public and private projects. Topics may include surplus measurement, investment decision rules, shadow pricing, the valuation of non-marketed goods, distributive weights, and the evaluation of projects involving uncertainty, loss of life, and/or population change.
Review of both classic and frontier work in the field of health and health care economics. Empirical work with an emphasis on theory and methodology. This course is also relevant to students interested in broader empirical microeconomic research.
Development Economics I
Topics at the forefront of development economics, combining theoretical and empirical analysis. Topics may include economic growth, firm behaviour, institutions, and political economy.
Development Economics II
A selection of topics currently at the forefront of research in development economics. Topics may include poverty and income distribution, labour markets, financial markets, and education.
Selected Topics in Development Economics
Overview of selected topics of current interest in the field of development economics from both a theoretical and empirical perspective.
Environmental Aspects of Economic Development
Policy aspects of sustainable economic development and environmental quality in developing countries. Topics may include energy use, deforestation, drought and desertification, depletion of natural resources, debt, environment and poverty, sustainable industrial and agricultural development, conservation policies, pollution control, and global environmental issues.
International Trade: Theory and Policy
International trade theory and its implications for economic policy, with emphasis on topics such as determinants of trade and specialization, gains from trade and commercial policy, international factor mobility, growth, and development.
International Monetary Theory and Policy
International monetary theory and its implications for economic policy, with emphasis on topics such as sources of equilibrium and disequilibrium in the balance of payments, balance-of-payments adjustment under fixed versus flexible exchange rates, international capital movements, and recent issues in the international monetary system.
Topics in International Economics
Selected topics in international economics, including theoretical analysis, quantitative methods, and policy formulation, implementation, and evaluation.
Foundations of Monetary Economics
Microeconomic foundations of monetary theory. Alternative theories of the existence of money and the micro-foundations for how money is integrated into aggregate macroeconomic models.
Topics in Monetary Economics
Coverage of one or more areas of current research on the frontiers of monetary economics.
Monetary Economics and Financial Intermediation
The evolution of the financial system and its interrelationship with the money supply process. Monetary and finance theory and empirical research applied to institutional problems in both historical and contemporary settings. Topics may include credit markets, financial instability, bubbles, and links to central bank policy.
Explorations in Monetary Economics
Explorations in the theory, policy and empirics of monetary economics.
Social and Economic Measurement
Index number theory and national accounting. Topics may include: biases in indexes, inflation accounting, the theory of international comparisons, and the measurement of business and personal income, capital and depreciation, and productivity.
Analysis of the concepts and tools used in micro-econometrics with particular focus on empirical applicability. Topics may include discrete choice models, limited dependent variables, panel data, duration models, and program evaluation, together with relevant economic applications.
Prerequisite(s): ECON 5027 (or equivalent), or permission of the Department.
Analysis of the concepts and tools used in time-series econometrics with particular focus on empirical applicability. Topics may include cointegration analysis, error-correction models, VAR models, volatility analysis, and non-linear time-series models, together with relevant economic applications.
Prerequisite(s): ECON 5027 (or equivalent), or permission of the Department.
Regional economic disparities in Canada, theories and public policy relating thereto. Consideration will be given to the concept of regions, location of industry and industrial structure, and to growth determinants.
The economic properties of urban areas. Attention will be focused on the macrodynamics of urban development, together with the microstatics of the equilibrium properties of the urban land market.
Economics of Natural Resources
The concept of scarcity rents in static and dynamic settings. Basic property regimes: open access, exclusive access and common property. Policy instruments. The importance of transaction costs. General-equilibrium and political-economic aspects of property regimes. Conflict. Elements of dynamic optimization. Renewable and non-renewable resources.
Economics of the Environment
Theory of environmental regulation, including command and control, incentive based mechanisms, effects of market structure, and interactions with pre-existing taxes. Valuation of non-marketed goods, including existence value, contingent valuation, hedonic price methods, health impacts, irreversibility, and recreational benefits.
Topics in Environmental and Resource Economics
Topics may include: international dimensions of environmental regulation, including treaties, competitiveness, and the effects of trade liberalization; development issues, including fiscal sustainability, Dutch disease, the resource curse, and population growth; resource topics, including optimal taxation, green national accounts, sustainability theory, and scarcity of extractive resources.
The Canadian Economy
Aspects and problems of the Canadian economy. Economic theory applied to the workings of the Canadian economy. Topics may include regional development, industrial organization, factor markets, natural resources, income distribution, international trade and capital flows, and macroeconomic stability.
Law and Economics
The interrelationships between law and economics, emphasizing transaction costs and property rights. Economic analysis of such topics as the allocative effects of alternative property rights, contract, tort, and nuisance law, and the economics of crime, pollution, pay television, and eminent domain.
Topics may vary from year to year and are announced in advance of the registration period.
Internship students are required to register in this course during their work term.
Prerequisite(s): permission of the Department.
A substantial research paper is required of any student enrolled in this course, which is designed to facilitate the pursuit of research on a topic chosen in consultation with a faculty member and the relevant Graduate Supervisor.
Prerequisite(s): permission of the Department.
Prerequisite(s): At least A- in each of ECON 5020, ECON 5021, and ECON 5027, and approval of the Department.
Mathematical Foundations for Economic Theory
Mathematical techniques needed to understand micro- and macro-economic theory at the Ph.D. level, and to carry out research. Real analysis. Review of static optimization. Continuous- and discrete-time dynamic optimization in deterministic and stochastic environments. Applications to economic theory are presented.
Prerequisite(s): ECON 5020 (or equivalent) and ECON 5021 (or equivalent), or permission of the Department.
Statistical foundations of econometrics: estimation, inference, and decision theory. Topics may include likelihood and moment-based inference, asymptotic theory, semi-parametric and non-parametric models, Bayesian approaches, and structural models, together with relevant economic applications.
Precludes additional credit for ECON 5701 (no longer offered) and ECON 6005 (no longer offered).
Prerequisite(s): ECON 5027 (or equivalent).
PhD Microeconomic Theory I
Topics include demand, production, general equilibrium, and welfare economics.
PhD Microeconomic Theory II
Topics may include game theory, information economics, externalities and public goods.
PhD Macroeconomic Theory I
Analysis of dynamic macroeconomic systems, with applications to economic growth. Micro-foundations of modern macroeconomics, with a focus on solving dynamic optimization problems and applied to consumption, portfolio, and investment decisions, and to micro-founded growth models.
PhD Macroeconomics Theory II
Modern dynamic stochastic general equilibrium models, such as real-business-cycle models, models of labour-market and financial frictions, and heterogeneous-agent models. Students also learn computational techniques to solve and estimate these models.
Second Year Research Paper
This course aids the transition to the research phase of the program. Students complete a research paper and formally present this paper in a departmental workshop.
Thesis Workshop I
Students present a research proposal that includes an advanced draft of a substantive chapter of their thesis for evaluation by at least three faculty members.
Prerequisite(s): ECON 6013.
Thesis Workshop II
Students present a substantial portion of their thesis for evaluation by at least three faculty members. This must include a revised draft of their first substantive chapter of their thesis, and an advanced draft of their second substantive chapter.
Prerequisite(s): ECON 6014.
Advanced Topics in Econometrics
Coverage of one or more areas of current econometric research.
This course is designed to permit students to pursue research on topics chosen in consultation with faculty members and the Ph.D. Supervisor.
Thesis Workshop I
Thesis Workshop II
Note: Not all courses listed are offered in a given year. For an up-to-date statement of course offerings for the current session and to determine the term of offering, consult the class schedule at central.carleton.ca.
Summer session: some of the courses listed in this Calendar are offered during the summer. Hours and scheduling for summer session courses will differ significantly from those reported in the fall/winter Calendar. To determine the scheduling and hours for summer session classes, consult the class schedule at central.carleton.ca