This course introduces the student to methods and issues in contemporary macroeconomics. A good understanding of the various macroeconomic issues and models is vital for any student of economics, business and finance. A central theme is the inter-relationship between empirical macroeconomic outcomes and theoretical constructs for explaining or understanding these outcomes. These models can also be used to understand and re-invent macroeconomic policies. In this course we also aim to bring the themes in undergraduate macroeconomic studies closer to what is taught in graduate courses, and also closer to how macroeconomics is done in the best universities and policy institutions such as the U.S. Federal Reserve, the International Monetary Fund, the European Central Bank, Bank of England, the Reserve Banks of New Zealand and Australia.

Learning Outcomes

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

1. Possess a coherent set of ideas for understanding macroeconomic phenomena and policy issues
2. Understand the assumptions, structure and micro-foundations of a macroeconomic model and understand its power and shortcomings
3. Formulate a relevant model and use such analytical tools in addressing a key macroeconomic question independently
4. Understand the different ways in which economic issues can be tackled.

Research-Led Teaching

The theories, examples, and case studies covered in this course are derived from applied research, including the lecturer's own research work, exposing students to the modern approaches in the conduct of macroeconomic research and policies.

Examination Material or equipment

[1] Internet access

[2] calculator

Note: Further information about exams will be posted on the course wattle site.

Required Resources

Stephen D. Williamson, "Macroeconomics, Global Edition, 6/E" (2018), Pearson, Australia. A freely accessible eBook version of the textbook will be made available via the Library. Information relating to the eBook access will be updated on the class wattle site when available. Hard copies of the textbook are also available in the Chifley Library.

Recommended Resources

Links to selected recommended readings will be provided each week, in addition to the lecture slides.

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 and Review	Chapters 1-3
2	Economic Growth: Theory and Facts	Chapters 7-8
3	Microfoundations: Household and Firm Behaviours	Chapter 4
4	One-Period Closed-economy Macro Model	Chapter 5; Online Quiz 1
5	Unemployment, Savings, and Investment Decisions	Chapters 6 & 9; Instructions for Research Essay Out
6	Two-Period Model	Chapters 9-10; Possible Mid-semester Exam
7	Dynamic General Equilibrium Model (DSGE)	Chapter 11; Possible Mid-semester Exam
8	Dynamic General Equilibrium Model (DSGE): Applications	Chapter 11; Online Quiz 2
9	Money, Banking, Prices, and Monetary Policy	Chapter 12
10	Real Business Cycle Model	Chapter 13; Online Quiz 3
11	New Keynesian Model, the Phillips Curves and Neo-Fisherism	Chapters 14-15
12	Two-Period Open-economy Model and Money	Chapters 16-17; Online Quiz 4

Tutorial Registration

Students are expected to attend one tutorial each week, beginning from week 2. Tutorial registration information will be provided on the course wattle site. Both face-to-face (on campus) and live Zoom tutorials will be available.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Online (Wattle) Quizzes	20 %	15/03/2021	26/03/2021	1,2,3,4
Mid-Semester Exam	25 %	*	*	1,2,3,4
Research Essay	10 %	14/05/2021	28/05/2021	1,2,3,4
Final Exam	45 %	*	*	1,2,3,4

* 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

This course will be delivered in a very engaging and interactive fashion. As such, students are expected to participate fully in all course activities, especially the live weekly tutorials and weekly consultations.

Assessment Task 1

Online (Wattle) Quizzes

A total of four wattle quizzes will be administered throughout the semester (5% per quiz) covering selected lectures and tutorials from preceding weeks. The quizzes will be held in weeks 4, 8, 10, and 12. More details will be posted on wattle at least two weeks before each quiz.

Assessment Task 2

Mid-Semester Exam

The mid-semester exam will be held during the 'ANU mid-semester exam period' to be communicated by Central Examinations. Accounting for 25% of the final course grade, the mid-semester exam will be compulsory. The exam will cover content from the first half of the course and will be administered via the course wattle site. More details will be posted on Wattle no later than week 5. 

Assessment Task 3

Research Essay

The Research Essay is aimed at exposing students to academic research. Each student will develop an economic question to be analyzed or critically examined in a well written and formatted essay not exceeding 1000 words (excluding titles, bibliography, tables, etc.). Late submissions will not be accepted. A complete description of the assignment will be posted on wattle no later than Week 5. 

Assessment Task 4

Final Exam

A compulsory final exam, worth 45% of the final grade, will be held during the University's official examination period. The exam will assess all the content covered throughout the entire course. The exam will be administered via the course wattle site. More details will be posted on Wattle no later than week 10. 

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