• Class Number 7436
  • Term Code 2960
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • Dr Timo Henckel
    • Dr Timo Henckel
  • Class Dates
  • Class Start Date 22/07/2019
  • Class End Date 25/10/2019
  • Census Date 31/08/2019
  • Last Date to Enrol 29/07/2019
SELT Survey Results

This course extends and reinforces the material developed in Macroeconomics 2 by analysing a number of policy issues in macroeconomics. Its objective is to show how practical problems can be structured and analysed using macroeconomic models and appropriate data. Most of the applications will be drawn from contemporary and historical Australian experience. Topics to be discussed include measurement and interpretation of macroeconomic aggregates; impact of the world economy on short-run fluctuations in Australia; determinants of economic growth and foreign debt; assessment of the impact of fiscal policy; inflation targets and monetary policy; and the persistence of unemployment.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

On successful completion of the course, students will: 
1. be able to use macroeconomic models to examine and understand recent major economic events in the Australian economy;
2. understand how to use different macroeconomic models to evaluate macreconomic activity;
3. be familiar with the main computational models used in Australia to forecast economic economic activity, and how they are used to evaluate policy proposals;
4. know how to report macroeconomic policy analysis in a coherent way with clear explanations of the economic intuition;

Research-Led Teaching

While the course’s mission is to teach macroeconomic principles, a strong emphasis will be placed on critical thinking. The lecturer is an active researcher, with expertise in macroeconomics, monetary economics, international finance and behavioural economics. Whenever possible, he draws attention to new ideas and evidence in macroeconomics. 

Examination Material or equipment

Examinations will be administered by the central examinations office. The final exam is closed book; the only permitted materials will be a non-programmable calculator.

Required Resources

Students are strongly urged to have access to the following textbook which forms the basis for much of this course:

  • Carlin, Wendy, and David Soskice, Macroeconomics: Imperfections, Institutions, and Policy, Oxford: Oxford University Press, 2005.

Copies of the textbook will be available in the reserve section of Chifley library. If you wish to purchase a copy, you should be able to do so through the Harry Hartog campus bookshop. Alternatively, order a copy through www.amazon.com or www.bookdepository.com.

Some additional reading will be made available on the Wattle course site throughout the semester.

Other useful texts for the course include:

  • Williamson, Stephen D., Macroeconomics 5th edition, New York: Pearson, 2014.
  • Gottfries, Nils, Macroeconomics, London: Palgrave Macmillan. 2015.
  • Leamer, Edward E., Macroeconomic Patterns and Stories: A Guide for MBAs, Berlin: Springer, 2009.
  • Montiel, Peter J., International Macroeconomics, Chichester: Wiley-Blackwell, 2009.
  • Chugh, Sanjay K., Modern Macroeconomics, Cambridge: MIT Press, 2015.
  • Heijdra, Ben J., Foundations of Modern Macroeconomics 2nd edition, Oxford: Oxford University Press, 2009.
  • Bénassy-Quéré, Agnès, Benoît Cœuré, Pierre Jacquet, and Jean Pisani-Ferry, Economic Policy: Theory and Practice, Oxford: Oxford University Press, 2010.
  • Godley, Wynne, and Marc Lavoie, Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, London: Palgrave Macmillan, 2007.

If you cannot afford, or do not wish to own, a personal copy of the textbooks, copies are available from the ANU Library's 2-hour reserve listing.

You should stay abreast of current events and regularly read the business and economics sections of leading newspapers and magazines (The Economist, Financial Times, Australian Financial Review, the Guardian, etc.) 

Staff Feedback

Students will be given feedback in the following forms in this course:
  • Written comments
  • Verbal comments
  • Feedback to the whole class, to groups, to individuals, focus groups

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.

Class Schedule

Week/Session Summary of Activities Assessment
1 Unless otherwise specified, chapter numbers refer to the Carlin & Soskice textbook. You will be told in advance which sections in the textbook are relevant. The choice of topics is not set in stone, viz. it somewhat dynamic. Some topics may take longer, others a bit shorter and some topics may even be dropped. Admin and Introduction and Review of Short-Run I (Chs 1 & 2)
2 Introduction and Review of Short-Run II (Chs 1 & 2)
3 3-Equation Model and Policy (Ch 3)
4 Expectations (Ch 4)
5 Money, Banking and Finance I (Chs 5 & 6) Assignment 1
6 Money, Banking and Finance II (Chs 6 & 7)
7 Endogenous Growth (Ch 8) Midsemester Online Quiz
8 Open Economy I (Chs 9 & 10)
9 Open Economy II (Chs 10 & 11)
10 Monetary and Fiscal Policy (Chs 13, 14 & 16)
11 Overlapping Generations (OLG) Models Assignment 2
12 Examination Period Final Exam

Tutorial Registration

Enrolment in tutorials will be completed online through Wattle. Precise instructions will be available on Wattle. 

Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Assignment 1 15 % 19/08/2019 30/08/2019 1,2,4
Midsemester Online Quiz 10 % 16/09/2019 19/09/2019 1,2,4
Assignment 2 15 % 14/10/2019 25/10/2019 1,2,3,4
Final Exam 60 % 31/10/2019 16/11/2019 1,2,3,4

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details


ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website Students may choose not to submit assessment items through Turnitin. In this instance you will be required to submit, alongside the assessment item itself, hard copies of all references included in the assessment item.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.


There are no marks allocated for attendance but participation in lectures and tutorials is strongly encouraged. It is expected that students prepare for lectures and tutorials in advance.

It bears repeating: this is an on-campus course, NOT a distance learning course. Attendance at all teaching events, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b). Outside work commitments are, generally speaking, not acceptable grounds for missing tutorials and lectures. Furthermore, for pedagogical reasons, based on 15+ years of experience, worked solutions of the weekly problem sets will not be provided. Students who, through unavoidable and unplanned occurrences, are unable to attend a tutorial class one week are encouraged to work through the problems and attend a consultation session for discussion and solutions.


See information above, under assessments.

Assessment Task 1

Value: 15 %
Due Date: 19/08/2019
Return of Assessment: 30/08/2019
Learning Outcomes: 1,2,4

Assignment 1

15%, compulsory & non-redeemable

Take-home tasks to be handed in writing, involving problem-solving questions and modelling exercises. These are individual assignments. The topics will be made available on Wattle 10 days prior to the due date. We will endeavour to return the marked assignments before the end of week 6.

Assessment Task 2

Value: 10 %
Due Date: 16/09/2019
Return of Assessment: 19/09/2019
Learning Outcomes: 1,2,4

Midsemester Online Quiz

10%, compulsory & non-redeemable

There will be one mid-semester quiz, testing the entire material covered in the first six weeks. It will be held in week 7, probably on the Tuesday, in the late afternoon/early evening. The online quiz will be open for 90 minutes, so students must make sure they are available then. The mid-semester quiz will be delivered online. Students will have approx. 30 minutes to complete a random selection of questions from a large bank of questions. Further details about the quiz will be provided closer to the date.

Assessment Task 3

Value: 15 %
Due Date: 14/10/2019
Return of Assessment: 25/10/2019
Learning Outcomes: 1,2,3,4

Assignment 2

 15%, compulsory & non-redeemable

Take-home tasks, similar to Assignment 1, to be handed in writing, involving problem-solving questions and modelling exercises. The topics will be made available on Wattle 10 days prior to the due date. We will endeavour to return the marked assignments before the end of week 12.

Assessment Task 4

Value: 60 %
Due Date: 31/10/2019
Return of Assessment: 16/11/2019
Learning Outcomes: 1,2,3,4

Final Exam

60%, compulsory & non-redeemable

150 minutes

The final exam will test the entire material covered throughout the semester, with an emphasis on the second half of the course. (Roughly one third of the exam will cover the first half of the course, and two thirds of the exam will cover the second half of the course.) It will be held during the university examination period. The format of the final exam has not yet been determined. Most likely, it will consist of two parts. The first part contains “short answer” questions (SAQ) that typically focus on a single concept. Good answers to these questions range from a couple of sentences to approx. half a page, sometimes longer. The second part contains “long answer” questions (LAQ), with several sub-questions, which test your technical skills as well as your general understanding, intuition and knowledge of macroeconomics.

Answers on exams should be clear, neat, relevant and concise. Students will be given a practice exam (with answers) to prepare for the exam.

Academic Integrity

Academic integrity is a core part of our culture as a community of scholars. At its heart, academic integrity is about behaving ethically. This means that all members of the community commit to honest and responsible scholarly practice and to upholding these values with respect and fairness. The Australian National University commits to embedding the values of academic integrity in our teaching and learning. We ensure that all members of our community understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with. The University has policies and procedures in place to promote academic integrity and manage academic misconduct. Visit the following Academic honesty & plagiarism website for more information about academic integrity and what the ANU considers academic misconduct. The ANU offers a number of services to assist students with their assignments, examinations, and other learning activities. The Academic Skills and Learning Centre offers a number of workshops and seminars that you may find useful for your studies.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) all submissions must be through Turnitin.

Hardcopy Submission

In addition to online submissions, students will be asked to submit the identical assignment as a hardcopy in the appropriate assignment boxes next to the RSE student desk. (Details will follow when the assignment is given to the students.) Please keep a copy of tasks completed for your records. As a further academic integrity control, students may be selected for a 15 minute individual oral examination of their written assessment submissions. Any student identied, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Misconduct Rule. 

Late Submission

Late submission of assessment tasks without an extension are penalised at the rate of 5% of the possible marks available per working day or part thereof. Late submission of assessment tasks is not accepted after 5 working days after the due date, or on or after the date specied in the course outline for the return of the assessment item. 

Referencing Requirements

Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.

Returning Assignments

The assignments will be returned during the tutorials and/or lectures as soon as they are marked. An announcement will be made in Wattle. 

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure The Course Convener may grant extensions for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

Re-submission of assignments is not possible.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information. In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service — including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy. If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes. Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).
Dr Timo Henckel
6125 5540

Research Interests

Macroeconomics, Monetary economics, International finance, Behavioural economics

Dr Timo Henckel

Tuesday 15:30 16:30
Dr Timo Henckel
6125 5540

Research Interests

Dr Timo Henckel

Tuesday 15:30 16:30

Responsible Officer: Registrar, Student Administration / Page Contact: Website Administrator / Frequently Asked Questions