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.

Learning Outcomes

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

1. Understand the core theoretical models used by macroeconomists, in particular the Solow growth model and the AS/AD-model;
2. Discuss the usefulness and limitations of these models;
3. Explain and understand some of the associated empirical implications and policy issues;
4. Critically read and understand many newspaper and magazine articles covering current economic events;
5. Have a brief overview of some of the institutional features of the Australian economy and some overseas economies.

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 will draw attention to new ideas and evidence in macroeconomics.

Examination Material or equipment

Exams will be held remotely through the Class Wattle Site. A stable and reliable internet connection is necessary. The exact format and further details about the exams will be provided on Wattle two weeks prior to the exams.

Required Resources

The following textbook will form the basis for much of this course:

·         Bernanke, Ben, Nilss Olekalns, Robert Frank, Kate Antonovics, and Ori Heffetz, Principles of Macroeconomics, 5th edition, Sydney: McGraw Hill, 2019. Copies of this book have been placed on 2-hour loan in the Chifley library. An online version of the textbook is also available through the ANU library website.

Earlier editions of Bernanke et. al., in particular the third and fourth editions of this textbook are also acceptable, though not ideal.

Other materials, available online, will also be prescribed to supplement the text on certain topics. These links will be provided on the Wattle site in advance of the relevant lectures.

Recommended Resources

Other useful texts for the course include:

 ·        Hubbard, R. Glenn, Anne M. Garnett, Philip Lewis, and Anthony O’Brien, Macroeconomics, 4th edition. Melbourne: Pearson, 2018.

 ·        Colander, David, Macroeconomics, 8th edition, New York: MacGraw-Whill, 2009.

 ·        Mishkin, Frederic S. Macroeconomics: Policy and Practice, New York: Pearson, 2012.

 ·        Stonecash, Robin, Joshua Gans, Stephen King, and N. Gregory Mankiw Principles of Macroeconomics, 5th edition, Melbourne: Cengage Learning, 2012.

I strongly recommend the following two open-source (free) macro texts:

·         CORE, The Economy, available at http://www.core-econ.org

·         OpenStax College. (2014). Principles of Macroeconomics, 2nd  edition. Houston, TX: OpenStax CNX. https://openstax.org/details/books/principles-macroeconomics

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.)

Staff Feedback

Students will be given feedback in the following forms in this course:

Written feedback on the assignment and mid-semester exam will be given in Turnitin and Wattle.

Answers to the online quiz will be provided on Wattle.

Verbal feedback will be given to students seeking such via discussion with the tutors and/or course convener during consultation hours.

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.

Other Information

Course description

This is a class about macroeconomics; that is, the economy as a whole. It differs from micro-economics which focuses on components of the economy. And it also differs from microeconomics in assuming that the whole of an economy may not always behave like the sum of the parts, especially in the short run. Key macroeconomic policy and economic questions and ideas we will cover include: National Income Accounting; economic productivity and growth across a national or regional economy; management of the business cycle through fiscal and monetary policy tools; Aggregate Demand and Aggregate Supply models; and tools to measure and monitor a macro-economy. This course will take an economic history approach, starting by looking at the Great Depression of the 1930s (which rightfully can be said to have given birth to the field) and going on to other key historical episodes up to the present day as illustrations of macroeconomics in practice. We will also examine the way macroeconomic thought has evolved, especially in response to real-world events. Macroeconomics is very much a field in which failure of models in the field often leads to rather quick re-thinking and re-formulation of ideas.

Problem sets and Workshops

Each week problem set and workshop questions for the following weeks will be uploaded onto Wattle. It is expected that you prepare the answers to these questions.

The video answers for problem set questions will be posted on Wattle at the end of each week.

The workshop questions will be DISCUSSED in the workshop. To gain the most out of the workshop, and to be able to participate in the discussion you will need to prepare. As answers are based on discussion, answers to all workshop questions will NOT be posted on Wattle.

Announcements

Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations. Notifications of emergency cancellations of lectures or tutorials will be posted on the door of the relevant room.

Additional Assessment Information

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 ghostwriting services will be investigated under the University’s Academic Misconduct Rule.

 

Class Schedule

Week/Session	Summary of Activities	Assessment
1	For some topics, additional sources will be necessary. These will be made available to you prior to the respective lecture(s). This course summary is indicative only. Depending on how the course progresses, the weighting of some topics may change and some topics may be dropped or added. Introduction (Ch 1)
2	Measuring the Economy (Chs 2 & 3)
3	Saving, Investment and Wealth (Ch 4)
4	The Labour Market (Ch 5)	Take-home Assignment
5	Economic Growth (Chs 13-15)
6	Economic Growth Cont'd (Chs 13-15)
7	Introduction to the Short-Run Model of the Economy (Ch 6) Spending and Consumption in the Short-Run (Ch 7)	Midterm Exam
8	Fiscal Policy (Ch 8) Money, Prices and the RBA (Ch 9)
9	The RBA and the Economy (Ch 10) The AS-AD Model of the Economy (Ch 11)
10	Macroeconomic Policy (Ch 12) International Trade (Ch 16)
11	Open Economy Macroeconomics (Chs 17-18)	Online Quiz
12	Miscellanea and Behavioural Macroeconomics
13	Examination Period	Final Exam

Tutorial Registration

Workshops this semester will be delivered both remotely (via Zoom) and on-campus. You are expected to attend one workshop each week from Week 2 onwards. You must enrol in a workshop using the Wattle site for this course, and attend the workshop in which you are enrolled. A selection of workshops will be open for enrolment prior to the beginning of the semester - the remaining workshops will be open in week 1 of the Semester.?When workshops are available for enrolment, follow these steps: 

1. Log on to Wattle, and go to the course site 

2. Click on the link “Workshop enrolment” 

3. On the right of the screen, click on the tab “Become Member of…..” for the class you wish to enter 

4. Confirm your choice 

If you need to change your enrolment, you will be able to do so by clicking on the tab “Leave group….” and then re-enrol in another group.?You will not be able to enrol in groups that have reached their maximum number.?Please note that enrolment in ISIS must be finalised for you to have access to Wattle. 

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Participation in workshop discussion and the Discussion Forum on Wattle	10 %	26/07/2021	29/10/2021	1,2,3,4
Assignment	15 %	20/08/2021	03/09/2021	2,3,4,5
Midterm Exam	25 %	*	*	2,3,4,5
Online Quiz	10 %	21/10/2021	23/10/2021	1,2,3,4,5
Final Examination	40 %	*	*	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

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

Students taking this course are expected to commit at least 12 hours a week to complete the work. This will include:

·        3 hours a week: lecture

·        1 hour a week: problem set

·        1 hour a week: workshop

·        Approx. 7 hours a week (including the non-teaching break): reading, research, writing, lecture and workshop preparation

10% of the overall course grade are awarded for workshop and Discussion Forum participation (achievement). Hence, students are strongly encouraged to attend the workshops and Discussion Forum on Wattle.

Due to travel restrictions, this course will be largely delivered through online platforms. Aspects of the delivery will be asynchronous. However, there will be synchronous activities also taking place (both online and on-campus). 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. Attendance at synchronous activities, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b).

In addition, workshops for this course are discussion-based. Students who, through unavoidable and unplanned occurrences, are unable to attend a workshop one week are encouraged to work through the problems and attend a consultation session for discussion and solutions.

Examination(s)

Please see information above, under assessments.

Assessment Task 1

Participation in workshop discussion and the Discussion Forum on Wattle

10%

Tutors will evaluate students' demonstration of the learning outcomes 1, 2, 3, and 4 described in the class summary. 1 mark for demonstration of complete understanding of those learning outcomes; 0.5 marks for demonstration of partial attainment; and 0 marks for demonstration of no attainment. It means you can get a maximum of 1 mark per topic discussed in the Discussion Forum or per workshop if your discussion shows a complete understanding of the above learning outcomes. The overall participation mark, which makes up 10% of the overall course grade, will be the arithmetic average of the 10 highest marks obtained in the Discussion Forum and the 11 workshops. You are encouraged to actively participate in both as you will have more chances to get more marks. However, you can get full marks (10) by only doing one of them; for example, you can get 10 marks from 10 topics in the Discussion Forum or 10 workshops. 

Assessment Task 2

Assignment

15%, compulsory & non-redeemable

Take-home tasks to be handed in writing (typed answers only) through Turnitin, 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 midterm exam.

Assessment Task 3

Midterm Exam

25%, compulsory & non-redeemable

A mid-term exam will be held during the ANU mid-semester exam period. The exam will be delivered online via the Wattle Class Site. The exam will cover the entire material throughout the first half of the semester. The mid-term exam is compulsory to attend and will count 25% to your final grade. The exam involves multiple-choice questions (MCQ), short and longer style questions/answers. The length of the exam is probably 3 hours (plus reading time). Further details will be given on Wattle two weeks prior to the exam.

Assessment Task 4

Online Quiz

10%, compulsory & non-redeemable

There will be an online quiz covering the material up to week 10.

The quiz will be available with at least 2 days notice and be open for a period of 3 days. However, you will only have approx. 30 minutes to complete the quiz and you can only attempt the quiz once. There will be instructions at the beginning of the quiz. Make sure you read them thoroughly before commencing.

Assessment Task 5

Final Examination

40%, compulsory & non-redeemable

The final exam will test the entire material covered throughout the semester. It will be held during the university examination period and will be delivered online via the Wattle Class Site.

The final exam is compulsory to attend and will count 40% to your final grade. The exam involves multiple-choice questions (MCQ), short and longer style questions/answers. The length of the exam is probably 3 hours (plus reading time). Further details will be given on Wattle two weeks prior to the exam.

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

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

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 5 working days after the due date, or on or after the date specified 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 assignment will be returned as soon as they are marked. An announcement will be made on 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.

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