• Class Number 7854
  • Term Code 3060
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • Prof Warwick McKibbin
    • Prof Warwick McKibbin
  • 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
SELT Survey Results

This course is designed to introduce the theoretical and practical basis of large scale economic modeling of the global economy for Masters level and PhD students with a strong understanding of Economics. Students will be instructed on the fundamentals of constructing a global simulation models based on the G-Cubed general equilibrium model. They will then analyze a number of macroeconomic policy problems using the G-Cubed model as the basis for formulating the policy question. They will learn how to use the model to generate a set of results, to interpret those results will write a report that uses those insights to contribute to an existing literature on a major macroeconomic policy problem.

Learning Outcomes

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

On successful completion of the course, students will be able to:
1. understand the conceptual basis of large scale general equilibrium models 
2.  have a detailed understanding of the G-Cubed  global economic model. 
3. evaluate macroeconomic policy questions in the model framework and 
4.  use and interpret results from this model for policy analysis.

Required Resources

Access to a windows computer with Microsoft Excel

Model software supplied by the Lecturer

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 Lecture 1: A Brief History of Macroeconomic and Computable General Equilibrium (CGE) Multi-Country Models
2 Lecture 2: The CGE Modeling Strategy
3 Lecture 3: a) Deriving the G-Cubed Model: Households, Firms, Government, Countries, b) Solving the G-Cubed Model: Data, Calibration, Solution, Baseline
4 Lecture 4: Monetary Policy
5 Lecture 5: Fiscal Policy
6 Lecture 6: Productivity and Growth
7 Lecture 7: Country Risk Assessment 1 due
8 Lecture 8: Trade Policy
9 Lecture 9: Macroeconomics Effects of Pandemics
10 Lecture 10: Macroeconomic Effects of Demographic Change
11 Lecture 11: Macroeconomics of Climate Policy

Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Mid Term Paper 25 % 23/09/2020 30/09/2020 1, 2, 3, 4
Research Essay 75 % 08/11/2020 15/11/2020 1, 2, 3

* 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.

Assessment Task 1

Value: 25 %
Due Date: 23/09/2020
Return of Assessment: 30/09/2020
Learning Outcomes: 1, 2, 3, 4

Mid Term Paper

2,500 word essay (25%). Students will use a small G-Cubed model that is the basis of all of the tutorials, to simulate a policy question and write a research paper containing the economic interpretation of the model results. The format of the paper is a CAMA working paper.

Assessment Task 2

Value: 75 %
Due Date: 08/11/2020
Return of Assessment: 15/11/2020
Learning Outcomes: 1, 2, 3

Research Essay

a 5,000 word research essay (75%). Students will be asked to write a research paper on a current economic issue (to be decided during the course based on emerging events). They will be given a spreadsheet of simulation results from the G-Cubed model which are designed to address the issue. Students will be required to write a research report on the policy question posed drawing on the relevant economics literature and applying and interpreting the model results as a core of the analysis. The form of the paper is a journal article for the American Economic Review.

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

The ANU uses 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. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.

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

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 10 working days after the due date, or on or after the date specified in the course outline for the return of the assessment item. Late submission is not accepted for take-home examinations.

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 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.

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).
Prof Warwick McKibbin
02 6125 0301

Research Interests

Global Economic Modeling; climate change policy, macroeconomic policy

Prof Warwick McKibbin

Wednesday 16:00 17:00
Wednesday 16:00 17:00
Prof Warwick McKibbin
02 6125 0301

Research Interests

Prof Warwick McKibbin

Wednesday 16:00 17:00
Wednesday 16:00 17:00

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