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:

1. Understand key issues and questions in macroeconomics.
2. Develop some idea about how to think about and solve current macroeconomic problems.
3. Understand the connection between assumptions made and the conclusions drawn.
4. Appreciate the shortcomings of models and to provide alternative improvements.
5. Construct logical arguments and provide economic explanations consistent with the workings of the model used.
6. Use analytical and (some) numerical methods in modeling.
7. Work independently, in teams, and to develop intellectual leadership.

Research-Led Teaching

Some of the skill sets, major questions, insights and case studies learned in this course relate directly to the frontier work your instructor and his colleagues are engaged in. In particular, the instructor’s emphasis on self-disciplined learning, critical and research-like independent thinking is designed to encourage students to become leaders in their own future spheres who are capable of tackling new and challenging issues. Your instructor is an active researcher in the fields of Macroeconomics and Monetary Economics. He sometimes develop new computational methods for solving difficult economic problems, such as dynamic public insurance games in the face of agent heterogeneity, or in models with endogenous market incompleteness in which monetary policy has a non-trivial redistributive role. He publishes regularly in the leading journals of his fields. He is also a regular visitor and contributor to leading policy institutions around the world, such as the U.S. Federal Reserve Bank system, the Reserve Bank of New Zealand, Bank of Japan, and the Hong Kong Monetary Authority. He currently serves as Treasurer and Chief Technology Officer of the not-for-profit Australasian Macroeconomics Society, and, as the convenor of Australia’s leading 4-th-year Honours in Economics program.

Examination Material or equipment

It is likely that the examination will be conducted and monitored live via Zoom or similar technologies. Students are responsible for working audio and video equipment on their computers. These will be required to be active during the examinations. Further examination protocol will be posted on WATTLE closer to the examination dates.

Required Resources

•   Williamson, S. (2019, 2020). Macroeconomics. Pearson Publishers. Global (5th or 6th edition).**

•   Romer, P. (2010). Advanced Macroeconomics. McGraw-Hill Publishers.**

•   de la Croix, D. and Michel, P. (2002). A Theory of Economic Growth: Dynamics and Policy in Overlapping Generations. Cambridge University Press.*

•   Champ, B. and Freeman, S. (2009). Modeling Monetary Economies. Cambridge University Press.*

•   Class notes and slides (see link from WATTLE )

You can purchase the textbook from the bookstore on campus, and a copy will also be available for short term loan in the Chifley Library. 

* Most referred to references. These are available as ebooks through ANU Library.

** Available in hardcopies at ANU Library.

Staff Feedback

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

In Class Activities

–   To maximize your experience and feedback on your progress, please attempt all the tutorial problem sets before attending tutorials.

–   Most of the learning is reinforced through solving problems on your own (or together) and being able to discuss it with the class afterwards.

Lecturer Office Hours

For maximal value, you should have read the relevant materials (textbook, lecture slides) and attempted problems, before turning up to office hours with questions. If you have any difficulties, please do not hesitate to come and see us; and do not wait until the end of semester to do so. I am here to assist your learning and also to ensure that your university experience continues to be a fun and rewarding one!

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

Scientific Computation

The modern economics student is expected to possess not just analytical skills but increasingly computational skills, both in academia and in the wider marketplace for economists. You are not expected to have any prior training in such skills, but you are expected to have a flexible and open mind towards learning it as we go.

In this course, we will use the high-level (i.e. user friendly) programming language called Python. These resources are available through the student computer labs and you can also install it for free via the Anaconda distribution: https://www.anaconda.com/download/. Install the latest version.

Wattle Forum

Feel free to post short questions related to the course material on WATTLE Forum. The usual internet etiquette applies. The teaching team may answer your questions occasionally. However, please reserve long queries to physical office hours, as we can best help you there.

Group Study, Self Discipline and taking ownership of learning

Group study is encouraged to help reinforce your learning of the material: What better way to check if you have mastered the material than to be able to explain your understanding to a fellow group member? Also, group work helps build your general and economic communication skills, skills that are commonly required in team-based projects in the professional setting.

Scaling

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.

Support for Students

The University offers a number of support services for students. Information on these is available online    from    http://students.anu.edu.au/studentlife/

Referencing Requirements

References cited should be listed as part of a bibliography at the end of your work. If software code or web resources are used, relevant URL links should also be included.

Your working code should also be included as part of your submission. In this course, you should submit working code along with explanations to evidence your understanding of the work in the form of a Jupyter notebook. We will demonstrate how to create and use a Jupyter notebook early on in the tutorials.

Students may use any accepted bibliographic style. For a professional look and ease of writing using scientific notation, students are encouraged to use LATEX (with BibTEX referencing). The ANU Library offers classes on how to use these tools, or, you can pick this up online.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Data and casual theorizing (refresher) Economic growth examples Python coding class: Using Jupyter Notebooks and Python/Pandas Reading Assignment Class Notes on Python Coding and Data Science	Tutorial PS1 released (mid to end of week)
2	A Primer on Difference Equations Dynamics in discrete time Scalar equations Multivariate systems Solutions Existence and uniquess of solutions Reading Assignment Azariadis Simon and Blume	Tutorial PS2 released (mid to end of week) Live Tutorial Discussion of PS1
3	Growth I: Empirics Growth facts Cross-country inequality Convergence clubs Do institutions and politics matter? Reading Assignment: Romer, Ch.1	Tutorial PS3 released (mid to end of week) Live Tutorial Discussion of PS2
4	Growth II: Theories Solow-Swan growth model: Long-run, balanced growth paths Short-run transition dynamics on paper Python coding class: Short-run transition dynamics on computer Lucas-Romer "New Growth" model: Unpacking the mysterious A Human capital and knowledge capital Reading Assignment: Romer, Ch.1	Tutorial PS4 released (mid to end of week) Live Tutorial Discussion of PS3 Assessable question randomly selected from PS2/3 due Sunday 9am (beginning of week)
5	Optimal growth and OLG I Preferences and refresher from Microeconomics A Diamond-Samuelson OLG example Endogenizing the MPC in Solow-Swan A pencil-and-paper graphical approach Reading Assignment: Romer Ch.2 Class notes	Tutorial PS5 released (mid to end of week) Live Tutorial Discussion of PS4
6	Optimal growth and OLG II An algebraic and difference equation characterization Comparative steady states Dynamics Python coding class: Experimenting with alternative model settings Reading Assignment: Romer Ch.2 Class notes	Tutorial PS6 released (mid to end of week) Live Tutorial Discussion of PS5 Assessable question randomly selected from PS4/5 due Sunday 9am (beginning of week)
7	Midsemester Exam Week (in lecture)	Pre-recorded lecture/workshop video Live Tutorial Discussion of PS6
8	Fiscal policy, heterogeneity and redistribution How to overcome market incompleteness? Social security systems from an OLG perspective Case Study: What is an efficient policy system? Reading Assignment: Romer Ch.2 Class Notes De La Croix and Michel, Ch.3	Tutorial PS8 released (mid to end of week) Live Tutorial Discussion of Midsemester Exam (PS7)
9	Why Money? An OLG perspective Money as a bubble asset; overcoming market in- completeness Inflation and monetary equilibria Case Study: Rogue states and Hyperinflation Reading Assignment: Champ, Freeman and Haslag, Ch.1-2	Tutorial PS9 released (mid to end of week) Live Tutorial Discussion of PS8
10	Monetary policy and expectations revisited An OLG perspective The famous Lucas critique and the perils of macroeconometric policy modelling Inflation and monetary equilibria Case Study: Where Art Thou, O Phillips Curve? Reading Assignment: Champ, Freeman and Haslag, Ch.3	Tutorial PS10 released (mid to end of week) Live Tutorial Discussion of PS9 Assessable question randomly selected from PS8/9 due Sunday 9am (beginning of week)
11	Special topics: Modelling decisions and business cycles A toy OLG prototype Putting into action: Solving and simulating stochastic and dynamic equilibrium --- or --- A simple theory of unequal wealth distribution Wealth inequality Human capital Public or Private education? Reading Assignment: Class notes	Tutorial PS11 released (mid to end of week) Live Tutorial Discussion of PS10
12	Woodshed Sessions Course review and Looking ahead Problem-solving workshop	Assessable question randomly selected from PS10/11 due Sunday 9am (beginning of week) Live Tutorial Discussion of PS11
13	Examination Period	Final Examination

Tutorial Registration

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

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

2. Click on the link “Tutorial enrolment” 

3. On the right of the screen, click on the tab “Become Member of…..” for the tutorial 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	Learning Outcomes
Weekly Problem Sets (Hurdle and Compulsory Assessment)	10 %	1-5
Midsemester Exam (Redeemable Assessment)	30 %	1-5
Final Examination (Compulsory Assessment)	60 %	1-5

* 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 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.

Participation

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 a discussion-based class. Providing worked solutions would not effectively compensate for missing a workshop. 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)

See Assessment Tasks. The examinations will likely be monitored live and online. Details to be provided on WATTLE closer to examination dates. Students are responsible for ensuring that their computer audio and video are in working order. These are required to be active during the examinations.

Assessment Task 1

Weekly Problem Sets (Hurdle and Compulsory Assessment)

The choice of which questions/problems in weekly problem sets are assessed for this task will not be revealed to the student until the assessment week is completed.

This is a hurdle assessment in line with the student assessment coursework policy (see https://policies.anu.edu.au/ppl/document/ANUP_004603).

• You must complete at least 3 of the 5 assignments to be eligible to sit the final exam and to be eligible to complete the course. The weeks in which these component tasks are due are specified above in the Class Overview table.
• Each student must submit an original work and declare it to be so. You will be graded individually.
• Assignments must to be submitted via WATTLE in typed PDF format or as Jupyter notebooks with replicable content.
• If an assessment task (or its component item, e.g., a particular assignment) is not submitted by the WATTLE -announced due date, a mark of 0 will be awarded. This course does not entertain requests for extension on redeemable assessment items.

Each piece of assessment will be graded based on:

• (90%) Objective evidence of technical competency and understanding (e.g., in terms of logical thinking, clarity of solutions and code) and overall ability to communicate with the reader and to explain the subject matter and analysis. Equal weight will generally be assigned to both considerations.
• (10%) Proper citations of references and other sources of information used, and where relevant, replicability of human/machine computed results. Also the quality of writing and overall presentation or professionalism of your document will be taken into account.

Assessment Task 2

Midsemester Exam (Redeemable Assessment)

This task will be conducted during a lecture time as specified in the Course Overview above. Students are encouraged to take this exam seriously as a means of staying up to speed with their learning and also to have additional insurance towards their overall course performance.

• If you fail to attend or complete this task, then the weight for this task will be automatically shifted to (or redeemable in) the Final Exam.
• Format: Questions requiring problem solving, logical thinking, mathematical proofs, computer coding or logic of code implementation and writing in plain and professional English. These may be in multiple choice form and/or free response form. The exam will likely be 2 hours in duration and will test all the material covered in lectures, required readings and tutorials/labs leading up to the examination week.

Assessment Task 3

Final Examination (Compulsory Assessment)

Completion of the final examination is necessary for a successful completion of the course. If you do not complete the final examination you will fail the course. This is a hurdle assessment in line with the student assessment coursework policy (see https://policies.anu.edu.au/ppl/document/ANUP_004603).

• Format: Questions requiring problem solving, logical thinking, mathematical proofs, computer coding or logic of code implementation and writing in plain and professional English. These may be in multiple choice form and/or free response form. The exam will likely be 3 hours in duration and will test all the material covered in lectures, required readings and tutorials/labs leading up to the examination week.

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) as submission must be through Turnitin.

Assignments must to be submitted via WATTLE in PDF format or as Jupyter notebooks with replicable content.

If an assessment task is not submitted by the WATTLE -announced due date, a mark of 0 will be awarded. This course does not entertain requests for extension on redeemable assessment items.

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.

Returning Assignments

Marked assignments will be returned to you, but please keep a copy of your submitted work as a safety precaution. Written feedback will be given on your individually marked assignment.

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