Economics

Loeb Building C877

Telephone: 520-3743

Fax: 520-3906

E-mail: economics@carleton.ca

The Department

Chair of the Department, P.N. Rowe

Supervisor of M.A. Studies, Frances Woolley

Supervisor of Ph.D. Studies, R.A. Brecher

Director of Joint Doctoral Program with the University of Ottawa, R.A. Devlin

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 specialization within the Department include the following:

* Industrial Organization

* Public Economics

* Monetary Economics

* International Economics

* Economic Development

* Economics of the Environment

* Economic Theory

* 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 are required to complete the following courses:

Economics

43.501, 43.502, 43.505

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

Economics 43.593 is strongly recommended.

Academic Standing

Guidelines for Completion of Master's Degree

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: public economics, industrial organization, monetary economics, international economics, economic development, and economics of the environment. 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

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 Economics 43.501, 43.502 and 43.505.

* The student must make formal application to the graduate studies committee at least one month before the beginning of the term in which he/she wishes to begin the Ph.D. program.

* 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 43.600 and/or 43.601 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 1.5 compulsory credits: microeconomic theory, macroeconomic theory, and advanced econometrics.

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 fulfill 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:

Public Economics

43.541, 43.542, 43.543, 43.544

Industrial Organization

43.531, 43.532, 43.533

Monetary Economics

43.566, 43.567, 43.568, 43.569

International Economics

43.561, 43.562, 43.563, 43.555

Economic Development

43.550, 43.554, 43.555

Economics of the Environment

43.535, 43.536, 43.557

Comprehensive Examinations

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

* Theory

Each student will register in 43.690 (ECO7990), in preparation for the theory comprehensive examinations. There are two theory examinations, in micro-and macro-economics, to be written within twelve months of beginning full-time study.

* Fields

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

Thesis and Workshop Requirements

Thesis

Doctoral students will write and defend a Ph.D. thesis. In preparing the thesis, the student is required to give two seminars in departmental workshops. In the first, a research proposal for the thesis will be presented and evaluated by three faculty members of the relevant workshop. 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 (or the equivalent) for them.

Workshops

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:

* Industrial Organization

* Public Economics

* International Economics

* Monetary Economics

* Economic Development

* Economics of the Environment 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/ Département de science economique, University of Ottawa.

Academic Standing

Guidelines for Completion of Ph.D. Degree

Graduate Courses

Not all of the following courses are offered in a given year. For an up-to-date statement of course offerings for 1999-2000, please consult the Registration Instructions and Class Schedule booklet published in the summer.

F,W,S indicates term of offering. Courses offered in the fall and winter are followed by T. The number following the letter indicates the credit weight of the course: 1 denotes 0.5 credit, 2 denotes 1.0 credit.

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

Economics 43.501F1

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.

Economics 43.502F1

Macroeconomic Theory I

Macroeconomic theory and its implications for economic policy are surveyed in this course, comparing alternative approaches for a variety of topics.

Economics 43.503W1

Microeconomic Theory II

A continuation of Microeconomic Theory I.

Economics 43.504S1

Macroeconomic Theory II

A continuation of Macroeconomic Theory I.

Economics 43.505F1

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.

Economics 43.507F1, W1, S1

Directed Readings

Prerequisite: Permission of the Department.

Economics 43.508F1, W1, S1

Special Topics

Prerequisite: Permission of the Department.

Economics 43.509F1, W1, S1

Directed Research

Prerequisite: Permission of the Department.

Economics 43.511F1

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.

Economics 43.512W1

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.

Economics 43.521F1

History of Economic Thought I

The crucial achievements in economic theory and doctrine in the nineteenth and twentieth centuries are studied. Special emphasis is given to the interrelationship between the social environment and economic thought - especially to 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 Economics 43.415, for which additional credit is precluded.

Economics 43.522W1

History of Economic Thought II

Prerequisite: Economics 43.521 or permission of the Department.

Economics 43.525F1 (ECO7125; 7525)

Mathematical Economics

General equilibrium; dynamic optimization; game-theory.

Economics 43.531F1 (ECO6140; 6540)

Firms and Markets

An examination of theories pertaining to industrial organization, and their application to particular industries in Canada and elsewhere by way of empirical studies.

Economics 43.532W1 (ECO6141; 6541)

Competition Policy

An examination of the rationale and application of competition policy with particular attention to the Canadian economy.

Economics 43.533S1 (ECO6142; 6542)

Regulation and Public Enterprise

An examination of regulation and public enterprise as alternative approaches for influencing industry conduct and performance.

Economics 43.535F1 (ECO6143; 6543)

Economics of Natural Resources

Dynamic optimization; theory of renewable and non-renewable natural resources, including the environment; policy options for correcting market failures.

Economics 43.536F1,W1 (ECO6151; 6551)

Economics of the Environment

Prerequisite: Economics 43.535.

Economics 43.537F1,W1

Labour Economics

Lectures three hours a week.

Economics 43.538W1

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.

Economics 43.539W1

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.

Economics 43.541F1 (ECO6130; 6530)

Public Economics: Expenditure

A discussion of the role of government expenditure, both in theory and with reference to the Canadian economy.

Economics 43.542W1 (ECO6131; 6531)

Public Economics: Taxation

An analysis of the effects of various forms of taxation on economic performance.

Economics 43.543W1 (ECO6133; 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.

Economics 43.544W1 (ECO6132; 6532)

Fiscal Federalism

This course examines the economic aspects of federalism, including efficiency, redistri
bution, consideration of a federal system of government, intergovernmental grants, and problems of stabilization policy in a federal context.

Economics 43.545W1

Theoretical Welfare Economics

A rigorous treatment of the theoretical foundations of welfare economics.

Economics 43.547W1

Project Evaluation

An analytical treatment of the principles of project evaluation and their applications. Also offered at the undergraduate level, with different requirements, as Economics 43.447«, for which additional credit is precluded.

Economics 43.550F1 (ECO6170; 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.

Economics 43.551F1

Economic Dynamics: Cycles

The nature and causes of fluctuations in income, prices, and employment. Topics may include simulation, forecasting, stability conditions and counter-cyclical policy. Also offered at the undergraduate level, with different requirements, as Economics 43.451«, for which additional credit is precluded.

Economics 43.552W1

Economic Dynamics: Growth

An examination of modern theories of economic growth. Also offered at the undergraduate level, with different requirements, as Economics 43.446«, for which additional credit is precluded.

Economics 43.553W1

Stabilization Policy

Prerequisite: Economics 43.502.

Economics 43.554W1 (ECO6171; 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.

Economics 43.555F1 (ECO6172; 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.

Economics 43.557W1 (ECO6173; 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.

Economics 43.561F1 (ECO6160; 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.

Economics 43.562W1 (ECO6161; 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.

Economics 43.563W1 (ECO6162; 6562)

Topics in International Economics

Prerequisite: Economics 43.561 or 43.562.

Economics 43.566F1 (ECO6180; 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.

Economics 43.567W1 (ECO6181; 6581)

Macroeconomic Aspects of Monetary Theory

A course in monetary theory that deals 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.

Economics 43.568F1 (ECO6182; 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.

Economics 43.569W1 (ECO6183; 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.

Economics 43.571F1 (ECO7126; 7526)

Econometrics II

Prerequisite: Economics 43.505 or equivalent.

Economics 43.572W1

Applied Econometrics

Prerequisite: Economics 43.505 or the equivalent.

Economics 43.573W1

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 Economics 43.483«, for which additional credit is precluded.

Economics 43.581F1

Regional Economics

Regional economic disparities in Canada, theories and public policy relating thereto. Con
sideration will be given to the concept of regions, location of industry and industrial structure, and to growth determinants.

Economics 43.582W1

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.

Economics 43.586F1

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 Economics 43.486«, for which additional credit is precluded.

Economics 43.587W1

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 Economics 43.487«, for which additional credit is precluded.

Economics 43.593F1

Mathematical Methods for Economists

A rigorous review of mathematical techniques in economics, such as: matrix algebra, static optimization, nonlinear programing, 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.

Economics 43.599F3, W3, S3

M.A. Thesis

Economics 43.600W1 (ECO7922)

Economic Theory: Microeconomics

Prerequisite: Economics 43.501 or equivalent.

Economics 43.601W1 (ECO7923)

Economic Theory: Macroeconomics

Prerequisite: Economics 43.502 or equivalent.

Economics 43.611F1, W1, S1 (ECO7002; 7004)

Workshop in Economic Policy

See requirements under Thesis and Workshop Requirements.

Economics 43.670F1, W1, S1 (ECO7980)

Directed Readings.

Prerequisite: Permission of the Department.

Economics 43.690W1, S1 (ECO7990)

Ph.D. Tutorial

Students must register in the microeconomics and macroeconomics tutorials in either the winter or spring term.

Economics 43.699F10, W10, S10 (ECO9999)

Ph.D. Thesis