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Graduate Calendar Archives: 2003 / 2004


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Telephone: (613) 520-3743
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The Department

Chair of the Department: A.R.M. Ritter

Supervisor of M.A. Studies: F.R. Woolley

Supervisor of Ph.D. Studies: Z. Chen

Director of Joint Doctoral Program with the University of Ottawa: Z. Chen

The Department of Economics offers programs of study and research leading to the M.A. and Ph.D. degrees.

Graduate students in economics undertake a thorough review of economic theory, together with an analysis of the Canadian economy, its institutions and history, and the working of public policy. Stress is placed on the understanding and application of quantitative methods to all aspects of economics. Although the programs are generally oriented towards policy problems, there is considerable opportunity for the development of specialized interests.

The main areas of study within the Department include the following:

  • Economic Development Economic Theory
  • Economics of the Environment
  • Industrial Organization
  • International Economics
  • Monetary Economics
  • Public Economics
  • Quantitative Methods

Qualifying-Year Program

Applicants who have a general (3-year) bachelor's degree, or who otherwise lack the required undergraduate preparation may be admitted to a qualifying-year program designed to raise their standing to honours status. If successful, they may be permitted to proceed to the master's program the following year.

Refer to the General Regulations section of this Calendar for details of the regulations governing the qualifying year.

Master of Arts

Admission Requirements

The normal requirement for admission to the master's program is a B.A. (Honours) (or the equivalent) in Economics, with at least high honours standing.

Applicants are expected to have had adequate preparation in microeconomic and macroeconomic theory, econometrics, and mathematics. This could be satisfied, for example, by the following four undergraduate courses: advanced microeconomic theory, advanced macroeconomic theory, econometrics, and mathematics for economists. Students with deficiencies in these requirements may have their program requirements extended accordingly.

The Department may require certain applicants to write the Graduate Record Examination Aptitude Test and the Advanced Test in Economics offered by the Educational Testing Service.

Program Requirements

All master's students in economics must fulfil the following requirements :

Economics ECON 5001, ECON 5002, ECON 5005

In addition, each candidate must select and complete one of the following:

  • Approved courses for 2.5 credits, 1.0 of which may be selected from among those offered in a related discipline, with approval of the Department, through the supervisor of M.A. Studies, or
  • A thesis equivalent to 1.5 credits and approved course(s) for 1.0 credit

All approved course(s) normally will be taken at the 5000 level.

ECON 5903 is not normally allowed for credit towards an M.A. degree except when listed as an additional requirement.

Internship Placement

An Internship option is available to full-time students in the M.A. program who are eligible to work in Canada. Registration in the Internship option requires departmental permission and is also limited by availability of placements. Students may apply to the M.A. Supervisor for the Internship option after completing ECON 5001, ECON 5002 and ECON 5005 or after completing 3.0 credits.

Internship placements will locate students for at least one term in the public service, the private sector, or non-governmental organizations. Students will integrate theoretical and applied economic analysis in their work experience. During their work term, students are required to register in ECON 5902: Internship Placement, which is additional to the existing program requirements. While taking ECON 5902, students are considered to be part-time, and may register for not more than 1.0 credit in total.

Academic Standing

A grade of B- or better must normally be received in each credit counted towards the master's degree. With respect to the required core credits in the program, ECON 5001, ECON 5002 and ECON 5005, there will be no exceptions. A candidate may, with the recommendation of the Department and the approval of the Dean of the Faculty of Graduate Studies and Research, be allowed a grade of C+ in 1.0 credit.

Guidelines for Completion of Master's Degree

Full-time master's students are expected to complete their requirements within two terms. Part-time students will take a minimum of five terms but must complete within an elapsed period of six calendar years, as set out in Section 13 of the General Regulations of this Calendar.

Doctor of Philosophy

The doctoral program is offered jointly by the Departments of Economics at Carleton University and the University of Ottawa.

The Ph.D. program stresses the application of economic theory to the analysis of Canadian economic policy and economic development. Six areas of specialization are available for intensive study and thesis research: economic development, economics of the environment, industrial organization, international economics, monetary economics, and public economics. The program of courses and thesis guidance, drawing upon the faculty of the two departments, will encompass course requirements, policy-oriented workshops, comprehensive examinations, and a thesis. Students are expected to have, or to acquire, proficiency in mathematics and statistics before proceeding with the program.

In cases of exceptional merit, Ph.D. candidates may be accepted on a part-time basis.

Admission Requirements

The normal requirement for admission into the Ph.D. program is a master's degree (or the equivalent) from a recognized university, with high honours standing. The Department may require certain applicants to write the Graduate Record Examination Aptitude Test and the Advanced Test in Economics offered by the Educational Testing Service.

Transfer from Master's to Ph.D. Program

A student who shows outstanding academic performance, and who demonstrates high promise for advanced research during the master's program may, subject to meeting the requirements below, be permitted to transfer into the Ph.D. program without completing the M.A. program;

  • The student will have completed ECON 5001, ECON 5002 and ECON 5005.
  • The student must make formal application to the graduate studies committee.
  • Students permitted to transfer into the Ph.D. program will be required to complete the equivalent of 13.5 credits of which 6.0 or 7.0 credits will be assigned to the Ph.D. Thesis, depending on the student's background and grades at the time of the transfer.
  • Students who have taken ECON 6000 and/or ECON 6001 as part of the M.A. curriculum will be granted advanced standing in these courses.

Program Requirements

Students admitted to the joint Ph.D. program are required to complete 10.0 credits (unless additional course work is required), including 1.5 compulsory credits in ECON 6000 (ECO 7922), ECON 6001 (ECO 7923) and ECON 5701 (ECO 7126; 7526).

Students are also required to do course work in two of six fields of specialization leading to field comprehensive exams and the writing of a thesis. To fulfil this requirement, students are expected to assimilate the material in 1.5 credits (or the equivalent) in each of two fields of specialization. However, the Department expects that a typical student entering the program with a completed M.A. will have taken the equivalent of 1.5 credits during his or her M.A. course work. If a student entering the program meets this expectation, the student is required to take only 1.5 credits (or the equivalent) over two fields of specialization. If the student's background is not consistent with this expectation, the admissions committee may require, as a condition of entry, that a student take up to 1.5 additional credits. Courses in the fields of specialization will be:

Economic Development
ECON 5500, ECON 5504, ECON 5505
Economics of the Environment
ECON 5305, ECON 5306, ECON 5507
Industrial Organization
ECON 5301, ECON 5302, ECON 5303
International Economics
ECON 5601, ECON 5602, ECON 5603, ECON 5505
Monetary Economics
ECON 5606, ECON 5607, ECON 5608, ECON 5609
Public Economics
ECON 5401, ECON 5402, ECON 5403, ECON 5404

Comprehensive Examinations

Oral examinations are not compulsory, but a candidate may be required by the examining committee to sit an oral examination.


Each student will register in ECON 6900 (ECO 7990) and ECON 6901 (ECO 7990), in order to write the comprehensive examinations in microeconomic and macroeconomic theory. These two examinations are to be written within twelve months of beginning full-time study.


Students will be required to write comprehensive examinations in two fields.

Thesis and Workshop Requirements


Doctoral students will write and defend a Ph.D. thesis. In preparing the thesis, the student is required to give two thesis workshops. In the first, a research proposal for the thesis will be presented, for evaluation by at least three faculty members. In the second, a substantial portion of the research for the thesis will have been completed and will be presented and evaluated as above. The workshops are requirements for graduation, and students will receive 1.0 credit for them.


Students are encouraged to attend and participate in the regular departmental workshops relevant to their fields of interest and research. Such workshops are conducted in six areas:

  • Economic Development
  • Economics of the Environment
  • Industrial Organization
  • International Economics
  • Monetary Economics
  • Public Economics

Further details about this joint Ph.D. program may be obtained by writing to the Director of Doctoral Studies, joint Ph.D. program in Economics, either at the Department of Economics, Carleton University, or at the Department of Economics, University of Ottawa.

Academic Standing

Doctoral students normally must obtain a grade of B- or better in each credit counted towards the degree.

Guidelines for Completion of Ph.D. Degree

Full-time Ph.D. students are expected to complete their requirements within four calendar years. Students who undertake the program by a combination of full-time and part-time study must complete their degree requirements within an elapsed period of eight calendar years, as set out in the General Regulations section of this Calendar.

Graduate Courses

Not all of the following courses are offered in a given year. For an up-to-date statement of course offerings for 2003-2004 and to determine the term of offering, consult the Registration Instructions and Class Schedule booklet, published in the summer and also available online at

Course Designation System

Carleton's course designation system has been restructured. The first entry of each course description below is the new alphanumeric Carleton course code, followed by its credit value in brackets. The old Carleton course number (in parentheses) is included for reference, where applicable.

Enrolment in graduate courses requires the permission of the Department, through the supervisor of graduate studies.

University of Ottawa courses, where applicable, appear in parentheses following the Carleton course information.

ECON 5001 [0.5 credit] (formerly 43.501)
Microeconomic Theory I
An examination of the theories of the behaviour of individual economic agents: consumers and producers and their relation to the theories of price determination.
ECON 5002 [0.5 credit] (formerly 43.502)
Macroeconomic Theory I
Macroeconomic theory and its implications for economic policy are surveyed in this course, comparing alternative approaches for a variety of topics.
ECON 5003 [0.5 credit] (formerly 43.503)
Microeconomic Theory II
A continuation of Microeconomic Theory I.
ECON 5004 [0.5 credit]S (formerly 43.504)
Macroeconomic Theory II
A continuation of Macroeconomic Theory I.
ECON 5005 [0.5 credit] (formerly 43.505)
Econometrics I
Estimation and testing of the general linear model, with emphasis on problems such as auto-correlation, heteroscedasticity, multicollinearity, and problems due to distributed lags and errors in variables. Introduction to simultaneous equations systems, identification, and estimation.
ECON 5007 [0.5 credit] (formerly 43.507)
Directed Readings
Prerequisite: permission of the Department.
ECON 5008 [0.5 credit] (formerly 43.508)
Special Topics
Prerequisite: permission of the Department.
ECON 5009 [0.5 credit] (formerly 43.509)
Directed Research
At least one paper will be required from a student enrolled in any one of these courses.
Prerequisite: permission of the Department.
ECON 5101 [0.5 credit] (formerly 43.511)
Canadian Economy I
An examination of aspects and problems of the Canadian economy. Topics may include the economic development of Canada, regional development, industrial organization, factor market, income distribution, international trade and capital flows, and macroeconomic stability.
ECON 5102 [0.5 credit] (formerly 43.512)
Canadian Economy II
Economic theory applied to the workings of the Canadian economy. Empirical estimation of various aspects of factor market operation, production, distribution, and aggregate economy. Participants are expected to prepare and present papers for discussion.
ECON 5201 [0.5 credit] (formerly 43.521)
History of Economic Thought I
Crucial achievements in economic theory and doctrine in the nineteenth and twentieth centuries. Emphasis on the interrelationship between the social environment and economic thought, especially the role of economics in the development of the national state and international institutions. Also offered at the undergraduate level, with different requirements, as part of ECON 4105, for which additional credit is precluded.
ECON 5202 [0.5 credit] (formerly 43.522)
History of Economic Thought II
A continuation of ECON 5201. Also offered at the undergraduate level, with different requirements, as part of ECON 4105, for which additional credit is precluded.
Prerequisite: ECON 5201 or permission of the Department.
ECON 5205 [0.5 credit] (formerly 43.525) (ECO 7125; 7525)
Mathematical Economics
General equilibrium; dynamic optimization; game theory.
ECON 5301 [0.5 credit] (formerly 43.531) (ECO 6140; 6540)
Firms and Markets
An examination of theories pertaining to industrial organization and their application to industries in Canada and elsewhere by way of empirical studies.
ECON 5302 [0.5 credit] (formerly 43.532) (ECO 6141; 6541)
Competition Policy
An examination of the rationale and application of competition policy with particular attention to the Canadian economy.
ECON 5303 [0.5 credit]S (formerly 43.533) (ECO 6142; 6542)
Regulation and Public Enterprise
An examination of regulation and public enterprise as alternative approaches for influencing industry conduct and performance.
ECON 5305 [0.5 credit] (formerly 43.535) (ECO 6143; 6543)
Economics of Natural Resources
Dynamic optimization; theory of renewable and non-renewable natural resources, including the environment; policy options for correcting market failures.
ECON 5306 [0.5 credit] (formerly 43.536) (ECO 6151; 6551)
Economics of the Environment
The environment as natural capital; environmental valuation techniques; elements of environmental income accounting; sustainable development theories and practice; institutional questions and policy issues.
Prerequisite: ECON 5305.
ECON 5307 [0.5 credit] (formerly 43.537)
Labour Economics
The application of price theory to the labour market. Topics include models of labour supply and labour demand, human capital and the economics of education and unions and their impact on the labour market. Also offered at the undergraduate level, with different requirements, as ECON 4306, for which additional credit is precluded.
ECON 5308 [0.5 credit] (formerly 43.538)
Law and Economics
The interrelationship of 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.
ECON 5309 [0.5 credit] (formerly 43.539)
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.
ECON 5401 [0.5 credit] (formerly 43.541) (ECO 6130; 6530)
Public Economics: Expenditure
A discussion of the role of government expenditure, both in theory and with reference to the Canadian economy.
ECON 5402 [0.5 credit] (formerly 43.542) (ECO 6131; 6531)
Public Economics: Taxation
An analysis of the effects of various forms of taxation on economic performance.
ECON 5403 [0.5 credit] (formerly 43.543) (ECO 6133; 6533)
Public Choice
Democracy, bureaucracy, and economic policy. The public choice of fiscal constitutions, tax shares, and equity rules; voting coalitions and income distribution; the public provision of private goods; public sector size, fiscal illusion, and taxpayer revolts.
ECON 5404 [0.5 credit] (formerly 43.544) (ECO 6132; 6532)
Fiscal Federalism
This course examines the 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.
ECON 5405 [0.5 credit] (formerly 43.545)
Theoretical Welfare Economics
A rigorous treatment of the theoretical foundations of welfare economics.
ECON 5407 [0.5 credit] (formerly 43.547)
Project Evaluation
An analytical treatment of the principles of project evaluation and their applications. Also offered at the undergraduate level, with different requirements, as ECON 4407, for which additional credit is precluded.
ECON 5500 [0.5 credit] (formerly 43.550) (ECO 6170; 6570)
Theory of Economic Development
This course will deal with theoretical approaches in the economic development literature in relation to the historical, economic, environmental, social, and political dimensions of the development process.
ECON 5503 [0.5 credit] (formerly 43.553)
Stabilization Policy
An examination of policies aimed at achieving internal and external stability. Implications of economic growth for stabilization policies.
Prerequisite: ECON 5002.
ECON 5504 [0.5 credit] (formerly 43.554) (ECO 6171; 6571)
Economic Development: Internal Aspects
An analysis of major domestic problems of economic development. Topics may include employment, income distribution, choice of technology, sectoral allocation of resources, human resource development, and domestic environmental issues.
ECON 5505 [0.5 credit] (formerly 43.555) (ECO 6172; 6572)
Economic Development: International Aspects
An analysis of key problems of international economic development such as trade in primary commodities and manufactures, financial flows and debt, the role of multinational corporations, the transfer of technology, and the international dimensions of environmental issues as they relate to the developing countries.
ECON 5507 [0.5 credit] (formerly 43.557) (ECO 6173; 6573)
Environmental Aspects of Economic Development
Policy aspects of sustainable economic development and environmental quality in developing countries. Topics to 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.
ECON 5601 [0.5 credit] (formerly 43.561) (ECO 6160; 6560)
International Trade: Theory and Policy
International trade theory and its implications for economic policy are examined, with emphasis on topics such as determinants of trade and specialization, gains from trade and commercial policy, international factor mobility, growth, and development.
ECON 5602 [0.5 credit] (formerly 43.562) (ECO 6161; 6561)
International Monetary Theory and Policy
International monetary theory and 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.
ECON 5603 [0.5 credit] (formerly 43.563) (ECO 6162; 6562)
Topics in International Economics
An examination of key topics in international economics, including theoretical analysis, quantitative methods and policy formulation, implementation, and evaluation.
Prerequisite: ECON 5601 or ECON 5602.
ECON 5606 [0.5 credit] (formerly 43.566) (ECO 6180; 6580)
Microeconomic Aspects of Monetary Theory
Microeconomic foundations of monetary theory. Alternative theories for the existence of money. Commodity, private and fiat money systems. The integration of monetary theory with the theory of value.
ECON 5607 [0.5 credit] (formerly 43.567) (ECO 6181; 6581)
Macroeconomic Aspects of Monetary Theory
A course in monetary theory dealing with the macroeconomic interactions of money. Issues will include such topics as: inflation, money and wealth; the optimum quantity of money; the welfare aspects of monetary economies; the supply of money and its composition; stabilization policy; money, capital, and growth.
ECON 5608 [0.5 credit] (formerly 43.568) (ECO 6182; 6582)
Aspects of Financial Intermediation
The evolution of the financial system with special emphasis on the theory of financial institutions and its interrelationship with the money supply process and the central bank. Contemporary monetary and finance theory applied to institutional problems in both historical and contemporary settings.
ECON 5609 [0.5 credit] (formerly 43.569) (ECO 6183; 6583)
Explorations in Monetary Economics
A course in which explorations in theory, policy recommendations, and empirical study are undertaken. The material challenges traditional approaches by examining such topics as the endogeneity of money, the role of credit, the finance motive, the circuit approach, flow of funds analysis, and austerity policies.
ECON 5701 [0.5 credit] (formerly 43.571) (ECO 7126; 7526)
Econometrics II
Selected topics from estimating and testing the regression and simultaneous equation models. Topics include maximum likelihood estimation, statistical analysis of residuals, autoregressive and other time-series models, multivariate regression model, and elements of asymptotic statistical theory within the context of the simultaneous equation model.
Prerequisite: ECON 5005 or equivalent.
ECON 5702 [0.5 credit] (formerly 43.572)
Applied Econometrics
A discussion of the major problems encountered in applying the tools and techniques of econometric methods to statistical data for economic analysis and forecasting. Selected papers from the applied econometric literature are critically analyzed and appraised with the application of modern econometric techniques.
Prerequisite: ECON 5005 or the equivalent.
ECON 5703 [0.5 credit] (formerly 43.573)
Applied Time Series Analysis
Introduces the basic concepts of time series analysis with emphasis on models used in economics. Topics include stationary and nonstationary time series, model identification and estimation, transfer functions, and forecast computation. Also offered at the undergraduate level, with different requirements, as ECON 4803, for which additional credit is precluded.
ECON 5801 [0.5 credit] (formerly 43.581)
Regional Economics
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.
ECON 5802 [0.5 credit] (formerly 43.582)
Urban Economics
An examination of 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.
ECON 5806 [0.5 credit] (formerly 43.586)
Comparative Economic Systems I
This course builds a framework for comparing economic systems, and also considers the interaction between economic and political systems. The traditional Soviet-type economy, industrial policy, and problems of transition receive particular attention. Also offered at the undergraduate level, with different requirements, as ECON 4806, for which additional credit is precluded.
ECON 5807 [0.5 credit] (formerly 43.587)
Comparative Economic Systems II
A comparison of contemporary economic systems. Such diverse economies as mainland China, Japan, Germany, Sweden, Russia, Taiwan, and Hungary may be explored. Also offered at the undergraduate level, with different requirements, as ECON 4807, for which additional credit is precluded.
ECON 5902 [0.5 credit] (formerly 43.592)
Internship Placement
Internship students are required to register in this course during their work term.
Prerequisite: permission of the Department.
ECON 5903 [0.5 credit] (formerly 43.593)
Mathematical Methods for Economists
A rigorous review of mathematical techniques in economics, such as: matrix algebra, static optimization, nonlinear programming, and difference and differential equations. It introduces the theory of optimal control, dynamic programming, and real analysis. Applications of these tools to various parts of economic theory are presented.
ECON 5909 [1.5 credit] (formerly 43.599)
M.A. Thesis
ECON 6000 [0.5 credit] (formerly 43.600) (ECO 7922)
Economic Theory: Microeconomics
An examination of critical aspects of microeconomic theory drawn from recent analysis of consumer behaviour, costs and production, transaction costs, uncertainty, and the organization of economic activity.
Prerequisite: ECON 5001 or equivalent.
ECON 6001 [0.5 credit] (formerly 43.601) (ECO 7923)
Economic Theory: Macroeconomics
An examination of critical aspects of macroeconomic theory drawn from recent analysis of the microeconomic foundations of macroeconomics, concepts of macroeconomic equilibrium and the impact of monetary and fiscal disturbances. Attention is also directed to a variety of topics related to the conduct of macroeconomic policy.
Prerequisite: ECON 5002 or equivalent.
ECON 6101 [0.5 credit] (formerly 43.611) (ECO 7002; 7004)
Thesis Workshop
See Thesis and Workshop Requirements.
ECON 6700 [0.5 credit] (formerly 43.670) (ECO 7980)
Directed Readings
Prerequisite: permission of the Department.
ECON 6900 [0.5 credit] (formerly 43.690) (ECO 7990)
Comprehensive Examination in Micro-economic Theory
See Comprehensive Examinations.
ECON 6901 [0.5 credit] (formerly 43.691) (ECO 7990)
Comprehensive Examination in Macro-economic Theory
See Comprehensive Examinations
ECON 6909 [5.0 credits] (formerly 43.699) (ECO 9999)
Ph.D. Thesis
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