2023 in Review: Economic Questions and Answers
Publications, presentations, and public explanations. These three faculty activities influence and expand the teaching topics both graduate and undergraduate students encounter during their time at the University of Toronto. Members of the Department of Economics are always in demand and 2023 was no exception. While this review of 2023 is certainly not extensive, taken together the activities captured for each month reflect the diversity of Economics as it is practiced today, and the variety of interests individual faculty members choose to explore.
How can firms estimate consumer demand? Investigating this question with elaborations got the Department of Economics’ 2023 off to a strong start with the January release of Econometrics Journal 26 that contains Professor Victor Aguirregabiria’s paper “Dynamic demand for differentiated products with fixed-effects unobserved heterogeneity.”
Can Geography Explain Agricultural Productivity Differences Across Countries? In February Professor Diego Restuccia and his co-author Tasso Adamopoulos addressed the question in a VoxDev column outlining why “low agricultural productivity in developing countries is not destiny.” [Read more…]
Ready for It! PhD Candidates on the Job Market
Their papers are in order, and they are ready for the search. The Department of Economics has eight PhD candidates and two post-doc researchers on the 2023-2024 job market. Internationally, there are roughly two hundred positions open to academic economists about to defend their dissertations. [Read more…]
Pair Environmental Land Protections with Zoning Relaxation to Prevent Housing Unaffordability
Are environmental land protection policies a cause of housing shortages and unaffordability? It is a common question in Ontario following the rental affordability crisis and a recent scandal surrounding Greenbelt protections. University of Toronto PhD Candidate Alexander Hempel’s latest research examined the question by looking at what happened to Toronto housing prices when Greenbelt protections were implemented in the early 2000s.
Hempel created an analytical model to examine what would have happened to Toronto housing development had the Greenbelt never been created. The data did show price effects up to 2010.
“Using the model, I simulated the scenario in which no Greenbelt was implemented,” Hempel explained. “I did find that the Greenbelt led to a reduction in aggregate housing supply of almost 10,000 units and price increases of 4.1% for houses and 6.1% for condominiums; this corresponded to an increase in condo rent of $675 a year. [Read more…]
Master’s Program Questions, Answered
“Are MA students with the Department of Economics funded?
“What means more to the selection committee, academic or professional references?”
“What if I get an offer from another school before I hear from the University of Toronto? “
These were just some of the questions potential Master of Economics students asked at the program open house on November 17th. Professors Robert McMillan and Martin Burda presented an overview of the program’s research emphasis and the expectations of student applicants. In addition to references, and strong performance in undergrad work, the committee is also looking for a strong grasp of mathematics, programming knowledge, or statistics. Prior experience with other social sciences can also be useful.
Current first year MA students Sina and Allison told attendees about their experiences in the forum thus far. A lively question-filled discussion followed with many of the 70 or attendees participating.
Sina and Allison spoke at the Open House to help future students make fully informed decisions that consider the whole experience of the MA program.
Sina emphasized the social differences between being an undergraduate at UofT and being a graduate student.
“I really didn’t know anyone when I was an undergrad here,” Sina said. “Now I know everyone in the program, and we work together all the time. It’s very hard work, but it’s also a lot more fun.”
MA students also benefit from the maturity and life experience they’ve gained since their undergraduate years.
“I actually took a gap year and taught English before starting the program,” Sina said. “It gave me a chance to make sure this is what I wanted to do and the directions I want to take while I’m here.”
Allison, who came to the MA program after completing her undergrad degree at McGill, talked about the program’s research emphasis when choosing a university for graduate school.
“Economics research is my passion,” she said. “I really wanted to dive in and start looking at ways to answer important questions I have about economics and society.”
Economics undergraduates considering an MA program came to the open house for many different reasons.
Fourth year student Oliver is comparing what UofT has to offer with direct-to-PhD programs at other schools.
“It’s possible to just read the website and get an idea of what the program is about,” he said. “But it was interesting to hear the questions other people had too that I hadn’t thought about. Listen to how the professors answered the questions was also useful in adding to what I had read. I feel more prepared to make a decision about where I want to go and what I want to do while I am there. Now I know I can email faculty and ask for their perspective.”
Third-year students Kay and Lyn have just started looking into graduate school as a possibility for themselves.
“I wanted to see what do a master’s degree is all about,” Kay said. “It’s different than what I was expecting, and I need to think about applying.”
“It was good to hear what the students in the program now had to say,” Lyn said. “It helps to make a decision, for sure.”
Anthony, another third-year student agreed.
“I’m not sure what I want to do after I finish my undergrad, but now I know doing a master’s degree here is a possibility and what it would mean for me. If I am going to apply, I had better start planning now.”
Missed the open house? General information about the program is always available on the Department of Economics website. Email program staff if you have specific questions that aren’t covered on the website. The application period for the MA in Economics program opened in September and are due no later than January 19th, 2024.
Return to the Department of Economics website.
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