- Class Number 5680
- Term Code 3160
- Class Info
- Unit Value 6 units
- Topic On Campus
- Mode of Delivery In Person
- Prof Warwick McKibbin
- Prof Warwick McKibbin
- Class Dates
- Class Start Date 26/07/2021
- Class End Date 29/10/2021
- Census Date 14/09/2021
- Last Date to Enrol 02/08/2021
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.
Upon successful completion, students will have the knowledge and skills to:
- understand the conceptual basis of large scale general equilibrium models
- have a detailed understanding of the G-Cubed global economic model.
- evaluate macroeconomic policy questions in the model framework and
- use and interpret results from this model for policy analysis.
Access to a windows computer with Microsoft Excel
Model software supplied by the Lecturer
Staff FeedbackStudents 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 FeedbackANU 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.
|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 task||Value||Due Date||Return of assessment||Learning Outcomes|
|Mid Term Paper||25 %||20/09/2021||30/09/2021||1, 2, 3, 4|
|Research Essay||75 %||13/11/2021||02/12/2021||1, 2, 3|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
PoliciesANU 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 RequirementsThe 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 AssessmentMarks 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
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
Learning Outcomes: 1, 2, 3
Write a research essay of up to 3,500 words (75%). The research essay will be on a current economic issue (to be decided during the course based on emerging events). Unlike the midterm papers, students do not need to run any models. They will be given a spreadsheet of simulation results from the live G-Cubed model. These results will be designed to address the economic question posed. Students will be required to use these results to write a research report on the policy question posed drawing on the relevant economics literature. Applying and interpreting the model results in the context of the literature and current debates are a core of the analysis. The form of the paper is a journal article for the American Economic Review.
Academic IntegrityAcademic 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 SubmissionThe 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 SubmissionFor 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 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 without an extension 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 RequirementsAccepted 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 PenaltiesExtensions 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.
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Global Economic Modeling; climate change policy, pandemics, macroeconomic policy
Prof Warwick McKibbin