- Class Number 7294
- Term Code 3060
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Dr Timo Henckel
- Class Dates
- Class Start Date 27/07/2020
- Class End Date 30/10/2020
- Census Date 31/08/2020
- Last Date to Enrol 03/08/2020
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.
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;
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
Final examinations will be scheduled by the central examinations office and will be held online. Further details about the final exam will be made available on Wattle no later than Week 10.
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: Institutions, Instability, and the Financial System, Oxford: Oxford University Press, 2015.
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. This book is currently not available as an e-resource.
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.)
Students will be given feedback in the following ways:
- Oral feedback in online tutorials and during consultations
- Written comments, where relevant, will be included in the assignments returned to students.
- Online feedback through the Wattle course site, especially in the Discussion Forum
Student FeedbackANU 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.
|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|
Tutorials will be delivered remotely for this semester. Sign up for tutorials will be available on the Wattle course site where more details can be found in O-week.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|Assignment 1||15 %||24/08/2019||04/09/2019||1,2,4|
|Midsemester Online Quiz||20 %||22/09/2019||22/09/2019||1,2,4|
|Assignment 2||15 %||19/10/2019||30/10/2019||1,2,3,4|
|Final Exam||50 %||*||*||1,2,3,4|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
PoliciesANU 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 RequirementsThe 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 AssessmentMarks 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.
Due to travel restrictions this course will be delivered through online platforms. Aspects of the delivery will be asynchronous. However, there will be synchronous activities also taking place. Details on the delivery of this course and expectations of student participation are outlined in further detail on the Wattle course site in O-week.
See information above, under assessments.
Assessment Task 1
Learning Outcomes: 1,2,4
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
Learning Outcomes: 1,2,4
Midsemester Online Quiz
20%, 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 60-90 minutes, so students must make sure they are available then. The mid-semester quiz will be delivered online. Students will have approx. 45 minutes to complete a random selection of questions from a large bank of questions. Further details about the quiz will be provided no later then end of week 4.
Assessment Task 3
Learning Outcomes: 1,2,3,4
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
Learning Outcomes: 1,2,3,4
50%, compulsory & non-redeemable
Probably 120 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 multiple choice questions (MCQ). The second part contains a combination of “short answer” questions (SAQ) that typically focus on a single concept and "long answer" questions (LAQ). Good answers to SAQs range from a couple of sentences to approx. half a page, rarely longer. LAQs, which typically have several sub-questions, 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. Further details will be available in week 10.
Academic IntegrityAcademic 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.
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.
Only online submissions will be required. Please keep a copy of your submitted documents 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 identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Misconduct Rule.
No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.
Referencing RequirementsAccepted 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.
The assignments will be returned, and marks uploaded onto the Wattle grade book, as soon as they are marked. An announcement will be made in Wattle.
Extensions and PenaltiesExtensions 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.
Distribution of grades policyAcademic 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 studentsThe 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).
- ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
- ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
- ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
- ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
- ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
- ANUSA supports and represents undergraduate and ANU College students
- PARSA supports and represents postgraduate and research students