Graduate Calendar 2009-2010

Economics

Loeb Building C877
Telephone: 613-520-3743
Fax: 613-520-3906
E-mail: economics@carleton.ca
carleton.ca/economics

The Department

Chair of the Department: K.G. Armstrong
M.A. Supervisor: P.J. Coe
Ph.D. Supervisor: C. Worswick
Director of Joint Doctoral Program with the University of Ottawa: C. Worswick

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.

Qualifying-Year Program

Applicants who 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 an average grade of B+ or higher.

Applicants are expected to have had adequate preparation in microeconomic and macroeconomic theory, econometrics, and mathematics. This could be satisfied, for example, by having completed undergraduate courses in the following areas: advanced microeconomic theory, advanced macroeconomic theory, econometrics, mathematical analysis in economics, and statistical analysis in economics. Students with deficiencies in their preparation 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:

• ECON 5000, ECON 5002, ECON 5005

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

• ECON 5006 and approved courses for 2.0 credits, 1.0 of which may be selected from among those offered in a related discipline, with approval of the Department, through the M.A. Supervisor; or
• A thesis equivalent to 1.5 credits and approved courses for 1.0 credit.

Concentration in Financial Economics

Master’s students in economics may pursue a concentration in financial economics, in which case they must fulfil the following requirements:

ECON 5000, ECON 5002, ECON 5005, ECON 5051, ECON 5052

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

• ECON 5006 and approved courses for 1.0 credit, including at least one of ECON 5055, ECON 5058, ECON 5602, ECON 5608; or
• A thesis equivalent to 1.5 credits.
  

All approved courses normally will be taken at the 5000 level.

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 limited by availability of placements. Application for an internship placement will be considered after the student completes ECON 5000, ECON 5002, ECON 5005 and ECON 5006, or after completion of 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 aforementioned program requirements. While taking ECON 5902, students are considered to be part-time, and may register for at most 1.0 credit in total.

Academic Standing

A grade of B- or higher must normally be received in each credit counted towards the master's degree. With respect to the required core credits in the program, ECON 5000, ECON 5002, ECON 5005 and ECON 5006, 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 up to 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 5000, 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 6002 as part of the M.A. curriculum will be granted advanced standing in these courses.

Program Requirements

Notwithstanding additional course work that may be required by the admissions committee as a condition of entry, students admitted to the Ph.D. program are required to complete:

• 4.0 credits in ECON 6000, ECON 6002, ECON 6005, ECON 6900, ECON 6902, ECON 6905, ECON 6907, ECON 6908; and
• 2.0 credits in economics electives; and
• A thesis equivalent to 5.0 credits.

Students are also required to do course work in two of six fields of specialization leading to a field comprehensive examination and the writing of a thesis. To fulfil this requirement, students must pass, within twenty-four months of beginning full-time study, at least two of the three courses associated with each of two chosen fields as well as a comprehensive examination in one of them (ECON 6905).

The courses in the six fields of specialization are:

• Economic Development: ECON 5500, ECON 5504, ECON 5505
• Economics of the Environment: ECON 5507, ECON 5803, ECON 5804
• Industrial Organization: ECON 5301, ECON 5302, ECON 5303
• International Economics: ECON 5601, ECON 5602, ECON 5603
• Monetary Economics: ECON 5606, ECON 5607, ECON 5609
• Public Economics: ECON 5401, ECON 5402, ECON 5403

Comprehensive Examinations

Although not compulsory, a candidate may be required by an examining committee to sit an oral examination.

Theory

Each student will register in ECON 6900 and ECON 6902 in order to write the comprehensive examinations in microeconomic and macroeconomic theory. Both of these examinations must be successfully completed within twelve months of beginning full-time study. Students who fail to meet this requirement will normally be withdrawn from the Ph.D. program.

Primary Field

Each student will register in ECON 6905 in order to write a comprehensive examination in his or her chosen field. This examination must be successfully completed within twenty-four months of beginning full-time study. Students who fail to meet this requirement will normally be withdrawn from the Ph.D. program.

Seminar Attendance

Students who have completed the comprehensive examinations in microeconomic and macroeconomic theory will be required to attend a minimum of eight departmental seminars in economics during each academic year until they have submitted their thesis to the Faculty of Graduate Studies and Research.

Thesis 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 (ECON 6907), a research proposal for the thesis will be presented for evaluation by at least three faculty members. In the second (ECON 6908), a substantial portion of the research for the thesis will have been completed and will be presented and evaluated as above.

Academic Standing

Doctoral students normally must obtain a grade of B- or higher 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 and to determine the term of offering, consult the class schedule at central.carleton.ca

Enrolment in graduate courses requires the permission of the Department, through the M.A. or Ph.D. Supervisor.

Corresponding University of Ottawa course numbers, where applicable, appear in parentheses following the Carleton course number.

	ECON 5806 and ECON 5807 are no longer offered and have been removed from the course list (Update posted April 8, 2009)

ECON 5000 [0.5 credit]

Microeconomic Theory

Theories of the behaviour of individual economic agents: consumers and producers and their relation to the theories of price determination.

Precludes additional credit for ECON 5001.

ECON 5002 [0.5 credit]

Macroeconomic Theory

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

ECON 5005 [0.5 credit]

Econometrics I

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.

ECON 5006 [0.5 credit]

Methods of Economic Research

Formulation, specification and analysis of economic and econometric models; derivation of policy implications; communication of results and economic methodology.

Prerequisites: ECON 5000 (ECON 5001 if taken before 2007-2008) and ECON 5005, or permission of the Department.

ECON 5010 [0.5 credit] (ECO 7125, ECO 7525)

Mathematical Economics

General equilibrium; dynamic optimization; game theory.

Precludes additional credit for ECON 5205.

ECON 5051 [0.5 credit]

Asset Pricing

Value, the dynamic optimization problems of firms and investors, risk-neutral pricing, and related topics.

ECON 5052 [0.5 credit]

Financial Markets and Instruments

Capital structure, debt financing, options, financial planning, corporate governance, and related topics.

ECON 5055 [0.5 credit]

Financial Econometrics

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.
Prerequisite: ECON 5005 (or equivalent).

ECON 5058 [0.5 credit]

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.
Prerequisite: ECON 5051 or ECON 5052, which may be taken concurrently with ECON 5058.

ECON 5209 [0.5 credit] (ECO 6106, ECO 6506)

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.
Precludes additional credit for ECON 5201 and ECON 5202.

ECON 5230 [0.5 credit]

Economic History

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.

ECON 5301 [0.5 credit] (ECO 6140, ECO 6540)

Firms and Markets

Theories pertaining to industrial  organization and their application to industries in Canada and elsewhere by way of empirical studies.

ECON 5302 [0.5 credit] (ECO 6141, ECO 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] (ECO 6142, ECO 6542)

Regulation and Public Enterprise

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

ECON 5309 [0.5 credit]

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 5361 [0.5 credit] (ECO 6191, ECO 6591)

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.

Precludes additional credit for ECON 5360 and ECON 5307.

ECON 5362 [0.5 credit] (ECO 6192, ECO 6592)

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.

ECON 5363 [0.5 credit] (ECO 6193, ECO 6593)

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.

Precludes additional credit for ECON 5360 and ECON 5307.

ECON 5401 [0.5 credit] (ECO 6130, ECO 6530)

Public Economics: Expenditures

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

ECON 5402 [0.5 credit] (ECO 6131, ECO 6531)

Public Economics: Taxation

Analysis of the effects of various forms of taxation on economic performance.

ECON 5403 [0.5 credit] (ECO 6133, ECO 6533)

Public Choice

The integration of economics and politics to provide a broader understanding of the evolution of the public sector. The consequences of political institutions for the allocation and distribution of resources. Applications to a variety of Canadian and international policy issues.

ECON 5404 [0.5 credit] (ECO 6132, ECO 6532)

Fiscal Federalism

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 5407 [0.5 credit]

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.

ECON 5500 [0.5 credit] (ECO 6170, 6570)

Theory of Economic Development

Theoretical approaches of the economic development literature in relation to the historical, economic, environmental, social, and political dimensions of the development process.

ECON 5504 [0.5 credit] (ECO 6171, ECO 6571)

Economic Development: Internal Aspects

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] (ECO 6172, ECO 6572)

Economic Development: International Aspects

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 developing countries.

ECON 5507 [0.5 credit] (ECO 6173, ECO 6573)

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.

ECON 5601 [0.5 credit] (ECO 6160, ECO 6560)

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.

ECON 5602 [0.5 credit] (ECO 6161, ECO 6561)

International Monetary Theory and Policy

Key aspects of 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] (ECO 6162, ECO 6562)

Topics in International Economics

Key topics in international economics, including theoretical analysis, quantitative methods and policy formulation, implementation, and evaluation.

Prerequisite: ECON 5601 or ECON 5602, which may be taken concurrently with ECON 5603.

ECON 5606 [0.5 credit] (ECO 6180, ECO 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] (ECO 6181, ECO 6581)

Macroeconomic Aspects of Monetary Theory

Monetary theory and the macroeconomic interactions of money. Topics may include: 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] (ECO 6182, ECO 6582)

Aspects of Financial Intermediation

The evolution of the financial system with 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] (ECO 6183, ECO 6583)

Explorations in Monetary Economics

Explorations in theory, policy recommendations, and empirical study. Course 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 5700 [0.5 credit]

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.

ECON 5712 [0.5 credit] (ECO 6175, ECO 6575)

Micro-Econometrics

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.
Precludes additional credit for ECON 5702.

Prerequisite: ECON 5005 (or equivalent).

ECON 5713 [0.5 credit] (ECO 6176, ECO 6576)

Time-Series Econometrics

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.

Precludes additional credit for ECON 5703.
Prerequisite: ECON 5005 (or equivalent).

ECON 5801 [0.5 credit]

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]

Urban Economics

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 5803 [0.5 credit] (ECO 6143, ECO 6543)

Economics of Natural Resources

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

Precludes additional credit for ECON 5305.

ECON 5804 [0.5 credit] (ECO 6151, ECO 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.
Precludes additional credit for ECON 5306.

Prerequisite: ECON 5803.

ECON 5821 [0.5 credit]

Canadian Economy I

Aspects and problems of the Canadian economy. Topics may include the economic development of Canada, regional development, industrial organization, factor markets, income distribution, international trade and capital flows, and macroeconomic stability.

Precludes additional credit for ECON 5101.

ECON 5822 [0.5 credit]

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.

Precludes additional credit for ECON 5102.

ECON 5840 [0.5 credit]

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.

Precludes additional credit for ECON 5308.

ECON 5880 [0.5 credit]

Special Topics

 Topics may vary from year to year and are announced in advance of the registration period.

Prerequisite: permission of the Department.

ECON 5902 [0.5 credit]

Internship Placement

Internship students are required to register in this course during their work term.

Prerequisite: permission of the Department.

ECON 5904 [0.5 credit]

Directed Readings

This course is designed to permit students to pursue research on topics chosen in consultation with faculty members and the M.A. Supervisor.

Prerequisite: permission of the Department.

ECON 5906 [0.5 credit]

Directed Research

At least one paper will be required of a student enrolled in this course.

Prerequisite: permission of the Department.

ECON 5909 [1.5 credit]

M.A. Thesis

ECON 6000 [0.5 credit] (ECO 7922)

Economic Theory: Microeconomics

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 5000 (or equivalent).

ECON 6002 [0.5 credit] (ECO 7923)

Economic Theory: Macroeconomics

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.
Precludes additional credit for ECON 6001.

Prerequisite: ECON 5002 (or equivalent).

ECON 6005 [0.5 credit] (ECO 7126, ECO 7526)

Econometrics II

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.
Prerequisite: ECON 5005 (or equivalent).

ECON 6714 [0.5 credit] (ECO 7177, ECO 7577)

Advanced Topics in Econometrics

Coverage of one or more areas of current econometric research.
Prerequisite: ECON 6005.

ECON 6900 [0.5 credit] (ECO 7990)

Comprehensive Examination in Microeconomic Theory

ECON 6902 [0.5 credit] (ECO 7991)

Comprehensive Examination in Macroeconomic Theory

ECON 6903 [0.0 credit]

Seminar Attendance

ECON 6904 [0.5 credit] (ECO 7980)

Directed Readings

This course is designed to permit students to pursue research on topics chosen in consultation with faculty members and the Ph.D. Supervisor.

Prerequisite: permission of the Department.

ECON 6905 [0.5 credit] (ECO 9990)

Comprehensive Examination in Primary Field

ECON 6907 [0.5 credit] (ECO 7002)

Thesis Workshop I

ECON 6908 [0.5 credit] (ECO 7004)

Thesis Workshop II

ECON 6909 [5.0 credits] (ECO 9999)

Ph.D. Thesis