DEPARTMENT OF ECONOMICS

The Department

Chairperson: Alastair Robertson
Program Director: Randall Wigle

The MA program in business economics is available through both a "regular" and a "co-operative" stream. This program prepares economists for a career where specialization is required in economic forecasting, economic policy analysis, industry and market studies, financial economics, strategic planning, and public policy and business. Combining a specific focus on business economics with advanced training in economic theory, quantitative methods and applied research, the program also prepares students for doctoral studies.

Faculty/Research Interests
Fisher, Timothy C.G., BA (Queen's), MA, PhD (UBC). Labour economics, microeconomics.
Gallego, Maria, BA (Los Andes), MA, PhD (Toronto). Microeconomics, political economy.
Gillen, David W., BA (St. Thomas), MA (New Brunswick), PhD (Toronto). Deregulation and the Canadian airline industry.
Johnson, David R., BA (Toronto), MA (Western), PhD (Harvard). Macroeconomics, finance.
Johnson, Susan J. T., BA (Toronto), MA (Western), PhD (McMaster). Labour economics.
Konieczny, Jerzy D., MA (Warsaw), PhD (Western). Macroeconomics, monetary theory.
Levesque, Terrence J., BA (New Brunswick), MSIA, PhD (Carnegie Mellon). Economics and marketing, game theory, transportation economics.
Marr, William L., BA (McMaster), MA, PhD (Western). Canadian economic history, 19th-century Ontario agricultural economic history, interprovincial and international labour migration.
McCready, Douglas J., BA (Windsor), MSc (London), PhD (Alberta). Government finance (taxation and spending), analyses of health, education and social services, consumption and demography, cost effectiveness analysis.
Millerd, Frank W., BSA, MSA (UBC), PhD (Cornell). Migration, urban industrial structure, fisheries development, water pricing.
Morrison, William G., BA (Stirling), MA (Carleton), PhD (Simon Fraser). Microeconomics, industrial organization.
Raj, Baldev, BA, MA (Delhi), MA, PhD (Western). Econometric and time series analyses, theory and applications.
Robertson, Alastair R., MA (St. Andrews), PhD (Queen's). Macroeconomics, managerial economics.
Siklos, Pierre L., BComm (McGill), MA (Western), PhD (Carleton). Impact of monetary and fiscal policies, time series modelling, forecasting.
Sinclair, Peter W., BA, MA, PhD (Toronto). Canadian economic history, Canadian agricultural history, history of economic thought.
Snoddon, Tracy, BA (Western), MA (Queen's), PhD (Alberta). Public finance, regional and urban economics.
Wigle, Randall M., BA, MA (Windsor), PhD (Western). International trade, international economic relations.
Ziss, Steffen, BA (Western), MA, PhD (Queen's). Industrial organization.

Admission Requirements
In order to be admitted to the master's program, a student must meet the general admission requirements of the university. An honours graduate in a program other than economics or general degree graduates may be admitted if evidence justifying admission is offered; however, a program of appropriate preparatory studies (qualifying year) will be required of such applicants.
    As part of their undergraduate degree program in economics, all candidates for admission are expected to have completed at least one one-term undergraduate course in each of calculus, econometrics (focussing on regression analysis), intermediate microeconomic theory and intermediate macroeconomic theory. Applicants with inadequate preparation in any of these areas will normally be required to complete additional undergraduate courses before they are admitted to the master's program.
    A student who has successfully completed the qualifying year with a minimum of B standing may apply for admission to the master's program.

Program Requirements
Each student must complete a minimum of 11 one-term courses. The equivalent of 7 half-credit courses are required, while 5 are electives. Students must complete 4 of the core courses in term one before proceeding to term two. Students may select up to three half-credit elective courses from graduate courses in the MBA program.
    The required courses provide students with advanced knowledge in economic theory, applied economic analysis, quantitative methods, and empirical research and information sources. They are also designed to ensure that all students have a similar graduate experience, and achieve a comprehensive knowledge of their field, thus fulfilling the university's comprehensive requirement for MA candidates.

Term One (Fall)
EC620 Microeconomics I
EC640 Macroeconomics I
EC655 Econometrics
EC670 Empirical Research and Information Sources

Term Two (Winter)
EC665 Forecasting, Time Series Analysis, and Survey Design
Three elective courses

Term Three (Spring - Regular Students; Winter - Co-op Students)
Two elective courses
EC681 Research Paper and Seminar

Co-operative Option Requirements
All applicants who are admitted to the master's program initially enrol in the regular stream. Once enrolled, those students who wish to pursue the Co-operative Option must submit an application and résumé to the School of Business and Economics Office of Co-operative Education by September 30. The Office of Co-operative Education will interview each applicant and make an admission decision based on the applicant's interview presentation, academic credentials, previous work experience and personal characteristics. Offers of admission to the co-operative stream will be made by mid-October. Students who are admitted to the Co-operative Option will be charged an administrative fee.
    Co-operative Option students will complete two consecutive work terms, which will commence at the conclusion of term two of the program. In order to proceed to their first work term, all co-operative students must be in good academic standing and have completed all of the core requirements of term one and term two. Each co-operative student will be required to submit a satisfactory work report to the Office of Co-operative Education at the conclusion of the sequence of two work terms. A copy of the work report will be sent to the graduate officer of the Department of Economics.
    Co-operative students will normally complete term three of the program in the winter term immediately following their two consecutive work terms.

Graduate Courses
Note: Not all courses are offered every year. Contact the department before accepting an offer of admission to determine whether the courses you wish to complete will be offered during your period of residency.

EC603    0.5
Economic Evaluation and Decision-Making
The methods of applied rational decision making, including cost-benefit analysis and cost effectiveness.



EC606    0.5
Economics of Labour Markets
The evaluation and development of policies for labour market issues, including pay equity, immigration, manpower training and unemployment insurance reform.
EC610    0.5
Special Topics in Economics
An in-depth examination of one applied and/or theoretical topic in economics, to be chosen by the faculty.
EC620    0.5
Microeconomics I
The economic theory of business decision making and its application to a variety of problems. Strategic decisions are emphasized.


EC623    0.5
Financial Economics
This course covers models of financial markets, including asset pricing and financial decisions of firms. Other topics that may be covered include the capital asset pricing model, portfolio theory, capital structure, risk and insurance.


EC630    0.5
Microeconomics II: Topics in the Microeconomics of Firm Decision Making
The application of microeconomic models to marketing, organizational design, finance and strategic planning.
EC636    0.5
Economics of Population
This course examines the linkages between the Canadian economy and changes in Canada's demographic structure. Emphasis is placed on the cause-and-effect relationship between the level and characteristics of population fertility, mortality and migration, and Canada's economy.
EC639    0.5
International Trade
The institutions and rules of international economic relations, the international economic environment and the economic case for trade liberalization.
EC640    0.5
Macroeconomics I
A study of modern macroeconomics, including economic growth, money demand and macroeconomic policy in the short run.
EC649    0.5
International Finance
The role of international capital markets in economic growth and development is studied. The integration of international capital markets creates international links between national price levels, national interest rates and national stock markets. The market for foreign exchange is an important part of such links. Appropriate economic policies in a financially interdependent world are considered. The course combines economic theory and a review of significant empirical work.
EC650    0.5
Macroeconomics II: Topics in Applied Macroeconomics
Issues in the development, implementation and effects of macroeconomic policy as it relates to the business environment.
EC655    0.5
Econometrics
A survey of applied econometrics, including basic regression theory and an examination of a variety of econometric applications in both microeconomics and macroeconomics.
EC665    0.5
Forecasting, Time Series Analysis, and Survey Design
The use in business of time series analysis, economic forecasting and survey methods.
EC670    0.5
Empirical Research and Information Sources
The conduct and presentation of empirical economic research, including methodologies and the information sources that are especially useful to business economists.
EC681    1.0
Research Paper and Seminar
The completion of a research paper on a topic related to one or more of the graduate courses that students have completed. Co-operative education students may select topics that relate to their work term experience. Students give presentations based on their research paper.
EC690    0.5
Directed Studies
Prerequisite: Permission of the instructor and the graduate officer.