- Class Number 2550
- Term Code 3030
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Dr Timo Henckel
- Dr Timo Henckel
- Class Dates
- Class Start Date 24/02/2020
- Class End Date 05/06/2020
- Census Date 08/05/2020
- Last Date to Enrol 02/03/2020
Macroeconomics is concerned with the operation of the economy as a whole, with attention paid to such things as unemployment, inflation, and interest rates, determination of the level of national income, savings and investment, and the exchange rate and the current account of the balance of payments. The course develops a consistent model of the economy to explore the interactions of key macroeconomic markets and variables and to examine the impacts of different kinds of shocks to the economy and the role of government budgetary and monetary policy in influencing the level of economic activity.
Upon successful completion, students will have the knowledge and skills to:
- Understand the core theoretical models used by macroeconomists, in particular the Solow growth model and the AS/AD-model;
- Discuss the usefulness and limitations of these models;
- Explain and understand some of the associated empirical implications and policy issues;
- Critically read and understand many newspaper and magazine articles covering current economic events;
- Have a brief overview of some of the institutional features of the Australian economy and some overseas economies.
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. There are no permitted materials; a non-programmable calculator will be provided by the Examinations Office on the day of the exam - see details above.
Students are strongly urged to have access to the following textbook which forms the basis for much of this course:
· Jones, Charles I., Macroeconomics, 4th edition, New York: Norton, 2018.
A new edition, 5th, is currently in print. I doubt it will be available in time for this semester, but if so, please do purchase it. Earlier editions, in particular the third edition, of this textbook are also acceptable though not ideal. Copies of the textbook will be available in the reserve section of Chifley library.
Other useful texts for the course include:
· CORE, The Economy, available at https://www.core-econ.org/project/core-the-economy/ . (This is a modern textbook with a wider, more critical approach. I strongly encourage you to regularly consult this source in addition to the Jones textbook. The ebook version of this textbook is free.)
· Bernanke, Ben, Nilss Olekalns and Robert Frank, Principles of Macroeconomics, 5th edition, Sydney: McGraw Hill, 2019.
· Colander, David, Macroeconomics, 10th edition, New York: MacGraw-Whill, 2017
· Mishkin, Frederic S. Macroeconomics: Policy and Practice, New York: Pearson, 2012.
· Stonecash, Robin, Joshua Gans, Stephen King, and N. Gregory Mankiw Principles of Macroeconomics, 6th edition, Melbourne: Cengage Learning, 2015.
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 try to 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.)
You may need access to a calculator to complete exercises required for this course. You will be provided with a calculator (HP Scientific Calculator 300s+) for the final examination.
Students will be given feedback in the following ways:
· Oral feedback in lectures and 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
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.
Students are expected to familiarize themselves with and apply standard referencing procedures. Carefully read and understand the information contained in the relevant web pages under http://www.anu.edu.au/students/learning-development/academic-integrity.
Please pay particular attention to the pages on:
· academic integrity (http://www.anu.edu.au/students/learning-development/academic- integrity/academic-integrity), and
· academic misconduct and plagiarism (http://www.anu.edu.au/students/program- administration/assessments-exams/academic-honesty-plagiarism).
Your final mark for the course will be based on the raw marks allocated for each of your assessment items. However, your final mark may not be the same number as produced by that formula, as marks may be scaled. Any scaling applied will preserve the rank order of raw marks (i.e. if your raw mark exceeds that of another student, then your scaled mark will exceed the scaled mark of that student), and may be either up or down.
There is a growing tendency for students to haggle over grades. This is totally unacceptable. You are reminded that you need to earn your grades. This requires hard work, many hours of studying, and focus. Top grades (high distinction) are rare; they are evidence of outstanding academic achievement. In the past typically no more than 10% of students earn HD’s. It is important that you are realistic about your expectations.
Support for Students
Building Access Hours
Both CBE and HW ARNDT buildings:
· TEACHING PERIOD: Mon-Fri 07.45 to 21.15 and SAT, SUN and Public Holidays is not accessible by students.
· NON TEACHING PERIOD: Mon-Fri 08.00 to 18.00 and SAT, SUN and Public Holidays is not accessible by students.
RSE has a Frequently Asked Questions page where you can find relevant policies and information on a broad range of topics, the onus is on the student to familiarise themselves with this page and the information available. https://www.rse.anu.edu.au/students/students/frequently-askedquestions/
|Week/Session||Summary of Activities||Assessment|
|1||Unless otherwise specified, chapter numbers refer to the Jones textbook (4th edition). 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 a bit longer, others a bit shorter and some topics may even be dropped. Introduction and Measuring the Economy (Chs 1 & 2)|
|2||Measuring the Economy (Chs 2)|
|3||Measuring the Economy (Chs 2)||Presentation (different for each student, beginning in week 3)|
|4||Economic Growth I (Chs 3 & 4)|
|5||Economic Growth II (Ch 5)||Assignment 1|
|6||The Labour Market (Ch 7), Money, Inflation and Finance (Ch 8)|
|7||Introduction to Short-Run (Chs 9 & 10)||Midterm Online Quiz|
|8||IS Curve (Ch 11), Monetary Policy and Phillips Curve (Ch 12)|
|9||AS/AD Model I (Ch 13)|
|10||AS/AD Model II (Ch 13)|
|11||Open Economy Macroeconomics (Chs 19 & 20)||Assignment 2|
|12||Miscellanea and Behavioural Macroeconomics|
Enrolment in tutorials will be completed online through Wattle. Precise instructions will be available on Wattle.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|Assignment 1||15 %||23/03/2020||03/04/2020||2,3,4,5|
|Mid-Semester Quiz||10 %||21/04/2020||23/04/2019||2,3,4,5|
|Assignment 2||15 %||18/05/2020||29/05/2020||1,2,3,4,5|
|Final Exam||50 %||01/06/2020||03/07/2020||1,2,3,4,5|
* 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:
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. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
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
Learning Outcomes: 2,3,4
10%, compulsory & non-redeemable
Students, grouped into pairs (possibly groups of three, depending on the total number of students), will have to prepare a short analysis studying macroeconomic data. Each group will prepare a brief written summary of no more than one typed page and give a 6-8-minute presentation at the beginning of each tutorial, beginning in week 3. Students will be emailed their topics by the lecturer and have one week to prepare their presentations. The student pairs will be formed at the beginning of week 3. Students can choose their partner; those who have not found a partner will be randomly assigned partners by the head tutor and/or lecturer. The presentation times will be randomly assigned to each group and made available to everyone in week 3.
Assessment Task 2
Learning Outcomes: 2,3,4,5
15%, compulsory & non-redeemable
Take-home tasks to be handed in writing (typed answers only) through Turnitin, as well as in hardcopy, 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 3
Learning Outcomes: 2,3,4,5
10%, compulsory & non-redeemable
There will be one midterm quiz, testing the entire material covered in the first six weeks. It will be held in the late afternoon, early evening of the Tuesday in week 7.
The mid-term quiz will consist of multiple choice questions only and will be delivered online. Students will have 30 minutes to complete a random selection of questions from a bank of multiple choice questions. The quiz will be accessible for one hour only, so students need to make themselves available for the quiz, just like for any other exam. Further details about the quiz will be provided in week 6.
Assessment Task 4
Learning Outcomes: 1,2,3,4,5
15%, compulsory & non-redeemable
Take-home tasks, similar to Assignment 1, to be handed in writing (typed answers only) through Turnitin, as well as in hardcopy, involving problem-solving questions and modelling exercises.
Assessment Task 5
Learning Outcomes: 1,2,3,4,5
50%, compulsory & non-redeemable
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 three parts. The first part contains multiple choice questions (MCQ). The second 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, rarely longer. The third 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.
Please note - you will be provided with a calculator (HP Scientific Calculator 300s+) for this exam. Only calculators provided by the Examinations Office on the day of the exam are permitted in the exam room.
Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.
The ANU commits to assisting all members of our community to 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 be familiar with the academic integrity principle and Academic Misconduct Rule, 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 Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.
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.
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 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.
Late submission of assessment tasks without an extension are penalised at the rate of 10% of the possible marks available per working day or part thereof. Late submission of assessment tasks is not accepted after 3 working days after the due date.
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.
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. Extensions may be granted 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 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).
- 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
Macroeconomics, Monetary economics, International finance, Behavioural economics
Dr Timo Henckel