Economics
The Department of Economics and Finance offers programs of study leading to the MA and PhD degrees in the following fields:
- Econometrics (PhD)
- Financial Economics (MA, PhD)
- Resources, Environment and Energy (PhD)
- Development and Growth (PhD)
- Applied Microeconomics (PhD)
Administrative Staff
Chair
Johanna Goertz (725 MacKinnon, Ext. 56339)
jgoertz@uoguelph.ca
Graduate Program Coordinator
Rene Kirkegaard (707 MacKinnon, Ext. 53551)
rkirkega@uoguelph.ca
Administrative Assistant
Stephanie Juhasz (726 MacKinnon, Ext. 56337)
sjuhasz@uoguelph.ca
Academic Assistant
Jessica Kannenberg (726 MacKinnon, Ext. 53235)
gradecon@uoguelph.ca
Graduate Faculty
This list may include Regular Graduate Faculty, Associated Graduate Faculty and/or Graduate Faculty from other universities.
J. Atsu Amegashie
BA Ghana, MA Queen's, MA Dalhousie, PhD Simon Fraser - Professor
Graduate Faculty
Kurt Annen
Diploma (Lic. Rer. Pol.), PhD Fribourg (Switzerland) - Professor
Graduate Faculty
Laurent Cellarier
BA, MA Limoges (France); PhD Southern California - Associate Professor
Graduate Faculty
Talat Genc
BS, MA Bogazici, MA, MS, PhD Arizona - Professor
Graduate Faculty
Johanna Goertz
B.Sc. Bonn, MA, PhD Ohio State - Associate Professor and Chair
Graduate Faculty
Nikola Gradojevic
B.Sc., M.Sc. Eng Novi Sad, MA Essex and CEU, PhD British Columbia - Professor
Graduate Faculty
Louise A. Grogan
B.Sc. School of Economics London, MA Catholique de Louvain, PhD Amsterdam - Professor
Graduate Faculty
Michael J. Hoy
B.Math. Waterloo, PhD School of Economics London - Professor
Graduate Faculty
Kris Inwood
BA Trent, MA, PhD Toronto - Professor
Graduate Faculty
Rene Kirkegaard
BA, M.Sc., PhD Aarhus - Professor
Graduate Faculty
Stephen Kosempel
BA Queen's, MA Victoria, PhD Simon Fraser - Associate Professor
Graduate Faculty
Xiaowen (Elle) Lei
BA Shanghai Jiao Tong, MA, PhD Simon Fraser - Assistant Professor
Graduate Faculty
Mei Li
BA, MA Wuhan, MA, PhD Queen's - Associate Professor
Graduate Faculty
Fulei (Fred) Liu
BA Waterloo, MA, PhD Western Ontario - Assistant Professor
Graduate Faculty
Patrick Martin
BA UC Irvine, MA Cornell, PhD Guelph - Assistant Professor
Graduate Faculty
Alex Maynard
BA Cornell, MA, MPhil, PhD Yale - Professor
Graduate Faculty
Ross McKitrick
BA Queen's, MA, PhD British Columbia - Professor
Graduate Faculty
Miana Plesca
B.Sc. Technical Cluj (Romania); MA Georgetown (Washington, D.C.); PhD Western - Professor
Graduate Faculty
Asha Sadanand
B.Sc., MA Alberta, PhD California Institute - Professor
Graduate Faculty
Thanasis Stengos
B.Sc., M.Sc. School of Economics London, PhD Queen's - Professor
Graduate Faculty
Yiguo Sun
B.Sc. Hebei Normal, M.Sc. Hebei Teacher's, MA Guelph, PhD Toronto - Professor
Graduate Faculty
Francis Tapon
DES Paris, MBA Columbia, MA, PhD Duke - Professor
Graduate Faculty
Henry Thille
B.Comm. Saskatchewan, MA, PhD British Columbia - Associate Professor
Graduate Faculty
Ilias Tsiakas
BA Toronto, MA York, PhD Toronto - Professor
Graduate Faculty
MA Program
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+' average as a minimum.
Students whose background is not in economics but who are otherwise outstanding should consult the Department website for further information. 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 Assistant Vice-President (Graduate Studies) that the student be transferred to regular graduate student status.
Program offices should be consulted for admission deadlines.
Learning Outcomes
Upon successful completion of the Master of Arts in Economics program, graduates will have the capacity to:
- Demonstrate an understanding of microeconomic and macroeconomic theory and econometrics through successful completion of core disciplinary courses.
- Develop an ability to critically select models and information and apply them appropriately to a variety of economic areas.
- Respond to a research question in economics through appropriate application of empirical and/or theoretical techniques.
- Acquire and adopt formal professional skills and behaviours expected of a practicing economist.
- Demonstrate an ability to communicate an economic argument effectively in writing.
Program Requirements
The MA program contains core courses in theory and quantitative methods.
The MA requires the completion of a minimum of 4.0 course credits. Most one-semester courses have 0.5 course credits. With approval from the Department, up to 1 credit of the required 4 credits can be taken outside the Department of Economics and Finance. However, students may, with approval, take additional courses from other Departments provided that their program includes at least six course equivalents (3.0 credits) from the Department of Economics and Finance. The minimum duration of the program is 2 semesters of full-time study as a regular graduate student. There are two options to the MA in Economics:
- by course work, and
- by course work and major research paper.
Course Work and Major Research Project
A minimum of 4.0 credits is required, including:
- The Economics Core (1.5 credits):
Course List Code Title Credits ECON*6020 Macroeconomic Theory I 0.50 ECON*6500 Microeconomic Theory MA 0.50 ECON*6140 Econometrics I 0.50 or ECON*6180 Econometric Methods - Three additional courses (1.5 credits)
- ECON*6940 Research Project (1.00 credit)
Course Work
A minimum of 4.0 credits is required, including:
- The Economics Core (1.5 credits):
Course List Code Title Credits ECON*6020 Macroeconomic Theory I 0.50 ECON*6500 Microeconomic Theory MA 0.50 ECON*6140 Econometrics I 0.50 or ECON*6180 Econometric Methods - Five additional courses (2.5 credits). At least two courses must have substantial research components (50% or more of the total course grade).
Course Work and Major Research Project in the Field of Financial Economics
- The Economics Core (1.5 credits):
Course List Code Title Credits ECON*6020 Macroeconomic Theory I 0.50 ECON*6500 Microeconomic Theory MA 0.50 ECON*6140 Econometrics I 0.50 or ECON*6180 Econometric Methods - The Finance Core (1.5 credits):
Course List Code Title Credits FIN*6000 Asset Pricing 0.50 FIN*6200 Empirical Finance and Financial Econometrics 0.50 FIN*6300 Security Analysis and Portfolio Management 0.50 - ECON*6940 Research Project (1.00 credit)
Course Work in the Field of Financial Economics
A minimum of 4.0 credits is required, including:
- The Economics Core (1.5 credits):
Course List Code Title Credits ECON*6020 Macroeconomic Theory I 0.50 ECON*6500 Microeconomic Theory MA 0.50 ECON*6140 Econometrics I 0.50 or ECON*6180 Econometric Methods - The Finance Core1 (1.5 credits):
Course List Code Title Credits FIN*6000 Asset Pricing 0.50 FIN*6200 Empirical Finance and Financial Econometrics 0.50 FIN*6300 Security Analysis and Portfolio Management 0.50 - Two additional courses (1.0 credits). Students are encouraged to take:
Course List Code Title Credits FIN*6400 International Finance 0.50 ECON*6490 Money and Banking 0.50
- 1
Note that all courses in the finance core have substantial research components (50% or more of the total course grade).
PhD Program
Admission Requirements
Applicants to the PhD program should have a master's degree in 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.
Learning Outcomes
- Demonstrate mastery of microeconomic and macroeconomic theory through the formulation and analysis of a variety of economics models.
- Obtain a deep understanding and proficiency in econometrics through the application of mathematical and statistical techniques.
- Demonstrate mastery of an applied field within the discipline of economics by critically surveying the literature and articulating a problem.
- Formulate, design, and analyze empirically and/or theoretically an original question in economics.
- Recognize, adapt to, and engage with disciplinary norms by developing professional behaviours specific to an economic environment.
- Demonstrate an ability to communicate complex economic arguments effectively both orally and in writing.
Program Requirements
The objective of the PhD program is to train individuals who already have a strong background in economics to become independent and skilled researchers, in preparation for a career in academia, government or the private sector. Course offerings cover a broad range of topics in theoretical and applied economics. PhD candidates may write a dissertation in any of the areas of expertise of the graduate faculty in the Department.
Graduates are expected to have demonstrated competence at an advanced level in the core areas of Microeconomic theory, Macroeconomic theory, and Econometrics, to have demonstrated competence at the cutting edge of knowledge in their area of specialization and advanced competence in at least one other area, and to have demonstrated mature scholarship, research and communication abilities.
The program requires the satisfactory completion of a minimum of 6 core courses covering theory and, econometrics, and 4 elective field courses. The 6 theory and econometrics courses are taken in the first year. The remaining 4 courses are normally taken in the student’s second or third year and must be selected in consultation with the student’s Advisory Committee. Students with an existing master’s degree awarded by the Lang School of Business and Economics, who have already successfully completed some of the required courses as part of their graduate program, may have those course requirements waived with the permission of the Graduate Program Coordinator. In addition, students must complete a seminar course in the Fall and Winter semesters of their second and third year. Participation in the seminar course is encouraged in the fourth year. The following sequence of milestones represents the typical path through the PhD program.
Year I: Core Courses
Students must complete the following courses in preparation for the comprehensive examinations in economic theory:
| Code | Title | Credits |
|---|---|---|
| Econometrics | ||
| ECON*6140 | Econometrics I | 0.50 |
| ECON*6160 | Econometrics II | 0.50 |
| Theory | ||
| ECON*6000 | Microeconomic Theory I | 0.50 |
| ECON*6010 | Microeconomic Theory II | 0.50 |
| ECON*6020 | Macroeconomic Theory I | 0.50 |
| ECON*6040 | Macroeconomic Theory II | 0.50 |
The comprehensive examinations in economics theory are written at the end of Year 1.
Year II: Dissertation Proposal
After the theory comprehensive exams are passed, students must prepare a PhD proposal under the supervision of a faculty member. Proposals are presented to the Department at a symposium, and upon acceptance the Graduate Program Coordinator will notify the Assistant Vice-President (Graduate Studies) that the student has passed the "Qualifying Examination" requirement as set out by the Faculty of Graduate Studies. At this point, the student becomes a "candidate" for the PhD.
Students are also required to complete the ECON*6900 Doctoral Research Seminar in the Fall and Winter semesters.
Year III and IV: 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.
Students are also required to complete ECON*6900 Doctoral Research Seminar in the Fall and Winter semesters of their third year and are encouraged to participate in their fourth year.
Collaborative Specializations
International Development Studies
The Department of Economics and Finance participates in the International Development Studies (IDS) collaborative specialization. Applicants for this collaborative specialization 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 and Finance whose research and teaching expertise includes aspects of international development studies may serve as advisors for these MA and PhD students. Please consult the International Development Studies listing for a detailed description of the collaborative specialization including the special additional requirements for each of the participating departments.
Courses
A graduate course in microeconomics, intended for PhD students, presenting a rigorous treatment of the analysis of choices for consumers and producers with and without strategy and uncertainty, partial and general equilibrium, and the fundamental theorems of welfare economics.
Advanced topics in modern microeconomics to include elements of game theory, information economics, economics of risk and uncertainty, the theory of incentives and others.
A first graduate course in macroeconomics, presenting a rigorous introduction to the tools and basic models of dynamic general equilibrium theory. The topics covered include economic growth and development, economic fluctuations, and monetary and fiscal policies.
This course considers the dynamics resulting from intertemporal optimization models. Foundations of unemployment theory. Approaches to business cycles. Models of long-run growth.
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.
This course is designed to provide students with the necessary mathematical tools to follow the contents of the core economics and econometrics courses in the MA program and successfully complete them. The material covered will include advanced topics in linear algebra, multivariate optimization techniques and comparative statics.
This course introduces the student to game theory, which is an important tool for modelling economic situations with multi-person interaction. Economic applications such as oligopoly, bargaining, auctions, and public goods provision will be discussed. Broader applicaitons to voting games, candidate strategy, war games, and parlour games will also be briefly discussed. Students need to be very familiar with optimization and single person decision-making.
This course examines the use of the experimental methodology in economics. We will study how experiments have been used to test theories in many subfields within economics. In the process, students will learn how to construct and run economics experiments and analyze experimental data.
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.
Topics include a review of the classical linear regression model, applications of generalized least squares, maximum likelihood methods and various statistical test procedures.
Topics include general method of moments as a method of estimation and inference, instrumental variables, nonlinear estimation and simultaneous equations. Also, more specialized topics such as limited-dependent-variable models and time series methods may be covered.
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.
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.
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.
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.
This course examines economic development from an international perspective: theories, history, policies and prospects.
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.
This course surveys the normative theory of the public sector. Topics may include public expenditure theory, tax theory, cost benefit analysis and fiscal federalism.
This course studies monetary economies using overlapping generations models, MIU models and CIA models. More specifically, we will study major issues in money and banking, such as the role of money and banks, the cost of inflation, and the optimal monetary policies.
A first graduate course in microeconomics, intended for Master students, presenting a rigorous treatment of the analysis of choices in markets and organizations. It covers consumer theory, general equilibrium, uncertainty, game theory, and information economics.
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.
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.
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 and Finance.
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.
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.
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.
This is a seminar course for PhD students. Students will discuss papers on the research frontier that have recently been published in top journals. Students will also present their own work.
In some circumstances, students may arrange to take a reading course under the direction of a faculty member.
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 the Office of Graduate and Postdoctoral Studies.
This course provides opportunities for graduate students to study topics in economics that are not covered in other graduate-level economics courses. This course is offered when there are both available faculty and sufficient interest among students.
This course examines the theory, application and real-world evidence of how financial markets work. Students examine stock, bond and currency markets, valuation of stocks and bonds and the performance of popular portfolios based on size, value and momentum. Students learn to build optimal portfolios through dynamic asset allocation, examine the risk-return relation in stocks, bonds and currencies.
This course provides students with an opportunity to evaluate and analyze corporate financial decision-making. Students examine complex issues related to corporate governance, capital budgeting, capital cost, capital structure, dividend policy, IPOS, and mergers and acquisitions.
This course examines empirical research in finance, involving the integration of financial theory, financial econometrics, and data analysis. Students conduct empirical research in finance by applying econometric theories, programming analyses in various statistical software, interpreting data to generate insights and communicating findings in writing and oral presentations.
This course provides students with the opportunity to analyze companies in the context of how they construct equity portfolios and examine the valuation of firms and the calculation of companies' intrinsic value. Students explore the role and activities of equity security analysis in highly competitive markets.
This course provides students with the international finance knowledge required to manage financial assets in a global environment. Students examine foreign exchange forecasting and risk management using various techniques, including derivative instruments. Students discuss articles and cases related to capital flows in international markets, financing trade flows and open economy macroeconomic models.
This course provides opportunities for graduate students to study topics in finance that are not covered in other graduate-level finance courses. The course is offered when there are both available faculty and sufficient interest among students.