This course will acquaint students with contemporary modern macroeconomics. Key questions relating to long-terms prospects for the wealth of nations and the short-terms fluctuations in aggregate economic outcomes will be discussed. In addressing these questions, we will need to develop some analytical tools, learn about the modern approaches to macroeconomic modelling, and appreciate the importance of empirical regularities in informing modelling. We will also discuss the relevance of some of these models toward informing macroeconomic policy and business decision making. Students are expected to possess or have the aptitude for some formal mathematical thinking and analysis (at a minimal level of ECON8013 Mathematical Techniques in Economics I).
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
- Understand key issues and questions in macroeconomics.
- Develop some idea about how to think about and solve current macroeconomic problems.
- Understand the connection between assumptions made and the conclusions drawn.
- Appreciate the shortcomings of models and to provide alternative improvements.
- Construct logical arguments and provide economic explanations consistent with the workings of the model used.
- Use analytical and (some) numerical methods in modeling.
- Work independently, in teams, and to develop intellectual leadership.
Research-Led Teaching
This course aims to first reinforce previously learned principles of Macroeconomics, and second, develop students' knowledge, technical skills and critical thinking to an advanced level, giving a solid understanding of the current consensus among macroeconomists. Students will be encouraged to develop a more sophisticated appreciation for economic model building: we will look in detail at model assumptions, model fit and model limitations and how we can develop and expand on existing models. Students will be exposed to empirical applications, case studies and current events relating to the theory presented in the course. Your instructor is an active researcher in the field of Macroeconomics with a focus on heterogeneous agents models and life-cycle earnings and health risk, and will bring this knowledge in various parts of the course.
Field Trips
n.a.
Additional Course Costs
n.a.
Required Resources
- Romer, David (2019). Advanced Macroeconomics 5/e. McGraw-Hill Publishers.
- Carlin, W. and Soskice, D. (2015). Macroeconomics: Institutions, Instability and the Financial System. Oxford University Press.
- Athreya, Kartik B. (2013). Big Ideas in Macroeconomics: A Nontechnical View. MIT Press. (Readings from this book will be assigned on Wattle).
- Class notes and slides and additional journal articles (posted on Wattle)
All three books are available in e-book format through the ANU Library reserve system and can be accessed here: ECON8026 Library Reserve .
Recommended Resources
• Jones, C. I. (2014). Macroeconomics. Norton.
Staff Feedback
Students will be given feedback in the following forms in this course:
- written comments
- verbal comments
- feedback to whole class, groups, individuals, focus group etc
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 | Introduction: The State of Macroeconomics ?Articles provided on Wattle | |
| 2 | Solow Growth Model Romer, chapter 1 & articles on Wattle | Tutorial; Assignment 1 Posted |
| 3 | Neoclassical growth model and Overlapping Generations Model Romer, chapter 2 & articles on Wattle | Tutorial |
| 4 | Endogenous Growth Models: The AK Model, Human Capital Model, R&D Model Romer, chapter 3 & articles on Wattle | Tutorial |
| 5 | Cross-country Income Differences Romer, chapter 4 & articles on Wattle | Tutorial; Assignment 1 Due |
| 6 | Review of midterm material; Critical evaluation of models learned. | Midterm Exam |
| 7 | Introduction to Business cycles; Real Business Cycle Theory Romer, chapter 5 | Tutorial |
| 8 | Nominal Rigidity ?Romer, chapter 6; Carlin & Soskice, chapter 2 | Tutorial; Assignment 2 Posted |
| 9 | Inflation, Unemployment and Monetary Rules Romer, chapter 6; Carlin & Soskice, chapter 3 | Tutorial |
| 10 | Monetary Policy Romer, ch 12; Carlin & Soskice, ch 5; articles on Wattle | Tutorial |
| 11 | Fiscal Policy Romer, ch 13; Carlin & Soskice, ch 6; articles on Wattle | Tutorial; Assignment 2 Due |
| 12 | Health and Pandemics in Macroeconomic Models; Review articles on Wattle | Tutorial |
| 13 | Examination Period | Final Examination |
Tutorial Registration
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 Summary
| Assessment task | Value | Due Date | Learning Outcomes |
|---|---|---|---|
| Assignment #1 | 10 % | 24/08/2020 | 1,2, 3, 4, 5, 6 |
| Mid-term Exam | 25 % | 31/08/2020 | 1,2, 3, 4, 5, 6 |
| Assignment #2 | 10 % | 23/10/2020 | 1,2, 3, 4, 5, 6 |
| Final Exam | 55 % | * | 1,2, 3, 4, 5, 6 |
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
Policies
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:
- Student Assessment (Coursework) Policy and Procedure
- Special Assessment Consideration Policy and General Information
- Student Surveys and Evaluations
- Deferred Examinations
- Student Complaint Resolution Policy and Procedure
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 Academic Integrity . 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.
Participation
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.
Examination(s)
Examinations will be delivered online.
Assessment Task 1
Learning Outcomes: 1,2, 3, 4, 5, 6
Assignment #1
10%, Compulsory and Non-redeemable.
Assignments must be submitted via WATTLE in PDF format. If an assessment task is not submitted by the WATTLE -announced due date, a mark of 0 will be awarded, unless extension was granted before the due date. Each student must submit an original work and declare it to be so. Further details will be available on Wattle in week 3.
Assessment Task 2
Learning Outcomes: 1,2, 3, 4, 5, 6
Mid-term Exam
25%, Redeemable against the final exam
The mid-term exam will be conducted online during week 6. It will cover all material from lectures and tutorials in weeks 1-5. More information will be provided on Wattle in week 4.
Assessment Task 3
Learning Outcomes: 1,2, 3, 4, 5, 6
Assignment #2
10%, Compulsory and Non-redeemable.
Assignments must be submitted via WATTLE in PDF format. If an assessment task is not submitted by the WATTLE -announced due date, a mark of 0 will be awarded, unless extension was granted before the due date. Each student must submit an original work and declare it to be so. Further details will be available on Wattle in week 9.
Assessment Task 4
Learning Outcomes: 1,2, 3, 4, 5, 6
Final Exam
55%, Compulsory and Non-redeemable.
The Final Exam will be held during the ANU Exam block at the end of the semester. It will cover material discussed in lectures and tutorials throughout the semester. The exam will be delivered online. More information will be provided on Wattle in weeks 10 and 11.
Academic Integrity
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.
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) submission must be through Turnitin.
Hardcopy Submission
For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.
Late Submission
Individual assessment tasks may or may not allow for late submission. Policy regarding late submission is detailed below:
- Late submission not permitted. If submission of assessment tasks without an extension after the due date is not permitted, a mark of 0 will be awarded.
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.
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.
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).
- 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
Convener
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Research InterestsMacroeconomics, Life-cycle models, Inequality, Health Risk |
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Dr Elena Capatina
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