Economics

Faculty | MA|PhD|Shared|Courses

Chair - Christopher McKenna (725 MacKinnon, Ext. 3054) (E-mail: checon@css.uoguelph.ca)
Graduate co-ordinator - David Prescott (733 MacKinnon, Ext. 2185) (E-mail: dprescot@css.uoguelph.ca)
Graduate secretary - Anne Bolger (723 MacKinnon, Ext. 6341) (E-mail: anne@css.uoguelph.ca)

FACULTY
Robert E. Ankli BA, MA Michigan, PhD Illinois - Professor
John N. Benson BA British Columbia, MA, PhD Queen's - Associate Professor
C. Bram Cadsby BSc London School of Economics, MA Queen's, PhD M.I.T. - Associate Professor
Louis N. Christofides BA, MA Essex, PhD British Columbia - Professor
Brian S. Ferguson BA Mount Allison, MA Guelph, PhD Australian National - Associate Professor
William J. Furlong BA Sir George Williams, MA Concordia, PhD Queen's - Assistant Professor
E. Kenneth Grant BA Western Ontario, MA Harvard, PhD Essex - Associate Professor
Michael J. Hoy B Math Waterloo, PhD London School of Economics - Professor
Kris E. Inwood BA Trent, MA, PhD Toronto - Associate Professor
Qi Li BS Peking, MS Nankai, PhD Texas A&M - Professor
John R. Livernois BA Toronto, MA, PhD British Columbia - Associate Professor
Christopher J. McKenna BSc Salford, DPhil York - Professor
Ross McKitrick BA Queen's, MA, PhD British Columbia - Assistant Professor, Economics
David M. Prescott BA Durham, MA Warwick, PhD Queen's - Associate Professor
Asha Sadanand BSc, MA Alberta, PhD California Institute of Technology - Associate Professor
Clive Southey BComm Natal, BA Capetown (South Africa), PhD British Columbia - Associate Professor
Marion L. Steele BA Queen's, MA, PhD Toronto - Associate Professor
Thanasis Stengos BSc, MSc London School of Economics, PhD Queen's - Professor
Robert Swidinsky BComm, MA Manitoba, PhD Minnesota - Professor
Francis Tapon DES Paris, MBA Columbia, MA , PhD Duke - Associate Professor
Guang-Jia Zhang BS Wuhan, MA Xiamen, PhD Western Ontario - Assistant Professor


The Department of Economics offers programs of study leading to the MA and PhD degrees. Students may also register in this department to take the Collaborative International Development Studies (CIDS) MA program.

MA PROGRAM
   The MA program contains core courses in theory and quantitative methods. Fields are offered in most areas of economics.

Admission Requirements
   The university requires that students have the equivalent of an honours degree at the baccalaureate level.
   Admission to the MA program requires that students have a solid background in economic theory and econometrics from a recognized undergraduate program. Normally, the department requires a B+' (upper-second class) average as a minimum.
   Students whose background is not in economics but who are otherwise outstanding will be asked to register as an unclassified undergraduate for at least one semester. Satisfactory completion of prescribed undergraduate courses will be a prerequisite to admission to the MA program. Applicants whose background in economics is difficult to evaluate may be granted admission as a provisional graduate student for one semester. If, at the end of the semester, the department is satisfied with the student's progress, it will recommend to the dean of Graduate Studies that the student be transferred to regular graduate student status.
   International applicants must document their ability to finance this length of program.

Degree Requirements
   There are two main routes to the MA in economics: by course work and major paper, and by course work and thesis. Most candidates pursue the first route.
   Usually it takes three semesters to complete the requirements for the MA though it is possible to intensify the program and complete it in two semesters.
   The program of study includes three core courses (ECON*6000, ECON*6020 and, at the discretion of the graduate committee, ECON*6180 or ECON*6140) plus the equivalent of five additional graduate courses (a total of 4.0 credits). Students may, with approval, take courses from other departments provided that their program includes at least six course equivalents (3.0 credits) from the Department of Economics.
   The econometrics sequence is designed to benefit students with different undergraduate backgrounds. Students with a satisfactory record of undergraduate work in econometrics will be required to take ECON*6140, while those with less undergraduate preparation will be required to take ECON*6180. The course ECON*6050 is offered primarily to students outside the department but is available to incoming MA students as an extra course in preparation for ECON*6180.
   Including the three core courses, students follow one of two routes. In the first route (by major paper), students take either: (i) five additional graduate courses including ECON*6910, or (ii) three additional graduate courses and Research Project, ECON*6940 (1.0 credits). In the second route (by thesis), students take one additional graduate course and do a thesis.

PhD
The Department of Economics offers a PhD program that is shared with the Department of Agricultural Economics and Business. The department offers fields in natural resource and environmental economics, labour economics and econometrics. A joint management committee considers applications and monitors student progress.
   The program's objective is to provide opportunities for advanced study in economics and prepares the student to do research. The theoretical and practical issues that are addressed demand the attention of highly trained professionals who are competent in a wide range of skills and who have an understanding of the relevant institutions.

Admission Requirements
   Applicants to the PhD program should have a master's degree in economics or agricultural economics with a minimum average of 80% (A-') in their postgraduate studies. Applicants without a master's degree but with an outstanding record at the baccalaureate level, may be admitted initially to the MA program in economics. For students who achieve a superior record and show an aptitude for research, the Board of Graduate Studies, on the recommendation of the department, may authorize transfer to the PhD program without requiring the student to complete a master's degree.

Degree Requirements
   The program requires the satisfactory completion of a minimum of 12 courses covering core theory, quantitative methods, and two fields of specialization. (Students with an MA will be given credit for courses already in hand, where appropriate.) The following summarizes the program requirements:

1. Quantitative Methods:All students must satisfy the quantitative methods requirement by successfully completing a minimum of two of the following courses:

AGEC*6360 Mathematical Programming
ECON*6140 Econometrics I
ECON*6160 Econometrics II

2. Theory: All students must satisfy the theory requirement by successfully completing the following four courses and by successfully completing the comprehensive examination in economic theory.

ECON*6000 Microeconomic Theory I
ECON*6010 Microeconomic Theory II
ECON*6020 Macroeconomic Theory I
ECON*6040 Macroeconomic Theory II

3. Fields: All students must select two fields of specialization from the list below and must successfully complete the indicated course requirements in each field and successfully complete a comprehensive examination in each field.







4. Thesis: Submission and defence of an acceptable thesis on a topic approved by the student's advisory committee completes the requirements for the PhD. The thesis is expected to be a significant and original contribution to knowledge in its field and must demonstrate scholarship and critical judgement on the part of the candidate. Theses must be submitted within 48 months of completing the minimum duration.

INTERDEPARTMENTAL PROGRAMS
Collaborative International Development Studies MA Program (CIDS)
   The Department of Economics participates in the Collaborative International Development Studies (CIDS) program. Applicants for this program enter through one of the participating departments; course selections are based, in part, on the applicant's primary discipline. Those faculty members in the Department of Economics whose research and teaching expertise includes aspects of international development studies may serve as advisers for these MA students. Please consult the International Development Studies listing for a detailed description of the MA collaborative program including the special additional requirements for each of the participating departments.

Business Studies MBA Program
   The Department of Economics participates in the MBA program in the fields of agribusiness management. Those faculty members whose research and teaching expertise includes aspects of business administration will offer core courses for MBA students.

COURSES
Economic Theory
ECON*6000 Microeconomic Theory I (0.5)
A first graduate course in microeconomics, presenting a rigorous treatment of consumer theory, producer theory, applications of duality, partial equilibrium, general equilibrium and the fundamental theorems of welfare economics.
ECON*6010 Microeconomic Theory II (0.5)
Advanced topics in modern microeconomics to include elements of game theory, information economics, economics of risk and uncertainty, the theory of incentives and others.
ECON*6020 Macroeconomic Theory I (0.5)
A first graduate course in macroeconomics, presenting a rigorous treatment of aggregate consumption, investment, government budgets, money demand and supply, aggregate demand, aggregate supply, inflation and unemployment, and open economy issues.
ECON*6040 Macroeconomic Theory II (0.5)
This course considers the dynamics resulting from intertemporal optimization models. Foundations of unemployment theory. Approaches to business cycles. Models of long-run growth. Students must complete ECON*6AGEC* Macroeconomic Theory I before taking this course.
ECON*6110 Mathematical Economics (0.5)
This course introduces students to the mathematical techniques used in advanced economic analysis. Topics covered in any year: analysis of dynamic economic models and optimization in dynamic economic models.
Econometrics
ECON*6050 Introduction to Econometric Methods (0.5)
Introduction to the specification, estimation and testing of economic models. Topics include the classical linear regression model, t tests, structure tests, specification error, the consequences of the violation of the classical assumptions, detection and correction of autocorrelation and heteroscedasticity.
ECON*6140 Econometrics I (0.5)
Topics include a review of the classical linear regression model, applications of generalized least squares, maximum likelihood methods and various statistical test procedures.
ECON*6160 Econometrics II (0.5)
Topics include maximum likelihood as a method of estimation and inference, nonlinear estimation and simultaneous equations. Also more specialized topics such as limited- dependent-variable models and non-parametric regression methods may be covered.
ECON*6170 T opics in Econometrics (0.5)
This is an advanced econometrics topics course that covers the area of non-parametric and semiparametric estimation and testing of econometrics models, including time series and panel data semiparametric models.
ECON*6180 Econometric Methods (0.5)
This course follows ECON*6050. It covers estimation by instrumental variables, estimations of simultaneous systems, asymptotic distribution theory, maximum likelihood estimation, binary choice and limited dependent variable models, and issues in time series analysis.
Economic History
ECON*6200 Economic History (0.5)
This course considers topics in economic history which vary from year to year. The emphasis will be usually on late-19th or 20th century topics and often involves a world emphasis. Student presentations and papers form a large part of the course.
ECON*6370 Economic Development in Historical Perspective (0.5)
This course will examine the experience of economic development focusing on the emergence of the Third World. Topics for discussion will vary from year to year; they may include the impact of trade expansion during the eighteenth and nineteenth centuries, the role of manufacturing as a leading sector, statist vs. the new classical approaches to government policy, and others.
Money and Finance
ECON*6320International Finance (0.5)
This course deals with the theoretical policy and issues of international finance. Topics may include exchange rate determination, capital flows in international markets, the financing of trade flows, and open economy macroeconomic models and policy issues.
ECON*6490Monetary and Finance Theory (0.5)
This course examines selected topics in monetary and finance theory. Topics may include: contingent claims markets, arbitrage asset-pricing, portfolio models, firm capital structure, government debt, real business cycles, cash-in-advance models, spatial money models, overlapping generations models, and traditional models of the demand and supply of money and monetary policy.
Economic Development
ECON*6350 Economic Development (0.5)
This course examines economic development from an international perspective: theories, history, policies and prospects.
Labour Economics
ECON*6600 Labour Economics (0.5)
Major themes in labour market theory including static and dynamic labour demand and supply, migration and wage structures and dynamics, unemployment, migration and the role of social programs.
ECON*6610 Topics in Labour Economics (0.5)
This course complements ECON*6600. Topics include advanced issues in family labour supply, human capital, wage bargaining and contract theory, search theory, duration analysis and its application to major labour market spells such as employment and unemployment.
Environmental and Resource Economics
ECON*6800 Environmental Economics (0.5)
A topics course concerning the interrelationships between economic activities and the state of the natural environment. Topics may include: pollution and economic growth; energy use and environmental quality; international trade and pollution; policies for controlling pollution; techniques for assessing the benefits of environmental improvement.
ECON*6810 Economics of Non-Renewable Resources (0.5)
This course examines economic models of the use of non-renewable resources to analyze issues such as resource conservation, sustainable development, taxation of resource rents, and price determination in resource markets.
Other
ECON*6300 International Trade Theory (0.5)
This course provides a rigorous treatment of both positive and normative aspects of trade theory through extensive use of general equilibrium models under varying assumptions. Topics may also include barriers to trade, international factor movements, growth and development, and strategic trade policy.
ECON*6400 Public Finance (0.5)
This course surveys the normative theory of the public sector. Topics may include public expenditure theory, tax theory, cost benefit analysis and fiscal federalism.
ECON*6650 Economics of Social Welfare (0.5)
This course deals with the analysis of social welfare programs, concentrating on national health insurance. It covers their structure, incentives and distribution effects, and includes empirical analysis of existing programs.
ECON*6700 Industrial and Market Organization (0.5)
The major topics of industrial organization are analyzed from both a game theoretic perspective and from a Structure-Conduct-Performance perspective. Typical topics include: oligopoly theory, determinants of industrial structure, Coase theorem, market entry, advertising, research and development, product differentiation, and price discrimination.
ECON*6750 Managerial Economics (0.5)
The course introduces students to the latest developments in the economic analysis of the inside workings and organization of firms. The course tries to explain the diversity of economic organizations, and more generally why economic activity is sometimes carried out through firms and sometimes through markets. For graduate students outside the Department of Economics.
ECON*6770 Financial Management (0.5)
This course examines the implications of financing decisions made by firms in a world of uncertainty. Topics such as capital budgeting, capital structure, dividend policy, market efficiency and capital asset pricing will be analyzed from the perspective of corporate finance and portfolio management theory. Prerequisites: ECON*6750 and AGEC*6070. For graduate students outside the Department of Economics.
ECON*6910 Research Seminar (0.5)
Students who elect the eight course pattern for the MA must register for this course.
ECON*6930 Reading Course (0.5)
In some circumstances, students may arrange to take a reading course under the direction of a faculty member.
ECON*6940 Research Project (1.0)
All students who choose the research project option in the MA program will register in this course. Research projects are written under the direct supervision of a faculty member. Normally, research projects are completed within one or two semesters. Students must make a presentation of their work and a copy of the final report must be submitted to the department before the final grade is submitted to Graduate Program Services.

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