• Class Number 4327
  • Term Code 3230
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • Dr Timo Henckel
  • Class Dates
  • Class Start Date 21/02/2022
  • Class End Date 27/05/2022
  • Census Date 31/03/2022
  • Last Date to Enrol 28/02/2022
SELT Survey Results

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 draws attention to new ideas and evidence in macroeconomics.

Examination Material or equipment

Final examinations will be scheduled by the central examinations office and will be held online. Further details about the final exam, including the exact format, will be made available on Wattle no later than the end of Week 10.

Required Resources

Students are strongly urged to have access to the following textbook which forms the basis for much of this course:

 ·        Jones, Charles I., Macroeconomics, 5th edition, New York: Norton, 2020.

Earlier editions, in particular the third and fourth editions, of this textbook are also acceptable. Hardcopies of the textbook will be available in the reserve section of Chifley library. An online version of the textbook is also available through the ANU library website..

If you wish to purchase a copy, you should be able to do so through the Harry Hartog campus bookshop. Alternatively, order a copy through www.amazon.com  or www.bookdepository.com.

The ebook is available at: https://wwnorton.com/books/9780393417326.

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.

Other useful texts for the course include:

·        CORE, The Economy, available at https://www.core-econ.org/project/core-the-economy/ . (This is a modern textbook with a wider, more critical approach. I strongly encourage you to regularly consult this source in addition to the Jones textbook. The ebook version of this textbook is free.)

·        Bernanke, Ben, Nilss Olekalns and Robert Frank, Principles of Macroeconomics, 5th edition, Sydney: McGraw Hill, 2019.

·        Colander, David, Macroeconomics, 10th edition, New York: MacGraw-Whill, 2017

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

·        Stonecash, Robin, Joshua Gans, Stephen King, and N. Gregory Mankiw Principles of Macroeconomics, 6th edition, Melbourne: Cengage Learning, 2015.

If you cannot afford, or do not wish to own, a personal copy of the textbooks, copies are available from the ANU Library's 2-hour reserve listing.

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.)

You may need access to a calculator to complete exercises required for this course.

Staff Feedback

Students will be given feedback in the following ways:

·        Oral feedback in online tutorials and during consultations

·        Written comments, where relevant, will be included in the assignments returned to students.

·        Online feedback through the Wattle course site, especially in the Discussion Forum

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

Referencing Requirements

Students are expected to familiarize themselves with and apply standard referencing procedures. Carefully read and understand the information contained in the relevant web pages  under  http://www.anu.edu.au/students/learning-development/academic-integrity.

Please pay particular attention to the pages on:

·        academic integrity (http://www.anu.edu.au/students/learning-development/academic- integrity/academic-integrity), and

·        academic misconduct and plagiarism (http://www.anu.edu.au/students/program- administration/assessments-exams/academic-honesty-plagiarism).


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.


There is a growing tendency for students to haggle over grades. This is totally unacceptable. You are reminded that you need to earn your grades. This requires hard work, many hours of studying, and focus. Top grades (high distinction) are rare; they are evidence of outstanding academic achievement. In the past typically no more than 10% of students earn HD’s. It is important that you are realistic about your expectations.

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/.

Building Access Hours

Both CBE and HW ARNDT buildings:

·        TEACHING PERIOD: Mon-Fri 07.45 to 21.15 and SAT, SUN and Public Holidays is not accessible by students.

·        NON TEACHING PERIOD: Mon-Fri 08.00 to 18.00 and SAT, SUN and Public Holidays is not accessible by students.

 RSE has a Frequently Asked Questions page where you can find relevant policies and information on a broad range of topics, the onus is on the student to familiarise themselves with this page and the information available.  https://www.rse.anu.edu.au/students/students/frequently-askedquestions/

Class Schedule

Week/Session Summary of Activities Assessment
1 Unless otherwise specified, chapter numbers refer to the Jones textbook (5th edition). You will be told in advance which sections in the textbook are relevant. The choice of topics is not set in stone, viz. it is somewhat dynamic. Some topics may take a bit longer, others a bit shorter and some topics may even be added or dropped. Introduction and Measuring the Economy (Chs 1 & 2)
2 Measuring the Economy (Chs 2)
3 Measuring the Economy (Chs 2) Presentation (different for each student, beginning in week 3 or 4)
4 Economic Growth I (Chs 3 & 4)
5 Economic Growth II (Ch 5) Assignment 1
6 The Labour Market (Ch 7), Money, Inflation and Finance (Ch 8)
7 Introduction to Short-Run (Chs 9 & 10) Midterm Online Quiz
8 IS Curve (Ch 11), Monetary Policy and Phillips Curve (Ch 12)
9 AS/AD Model I (Ch 13)
10 AS/AD Model II (Ch 13)
11 Open Economy Macroeconomics (Chs 19 & 20) Assignment 2
12 Miscellanea and Behavioural Macroeconomics

Tutorial Registration

Some tutorials will be delivered on-campus face-to-face, some remotely. Signup for tutorials will be available on the Wattle course site in O-week with further details.

Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Presentation 9 % * 27/05/2022 2,3,4
Assignment 1 15 % 21/03/2022 01/04/2022 2,3,4,5
Mid-Semester Quiz 15 % 19/04/2022 19/04/2022 2,3,4,5
Assignment 2 15 % 16/05/2022 27/05/2022 1,2,3,4,5
Final Exam 46 % * * 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


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 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.


Depending on the number of enrolled students on campus, lectures will be delivered in person, face-to-face, with recordings made available on Echo360. If face-to-face lectures are not possible, then they will be provided entirely online. Some tutorials will be held in person, face-to-face, others online. Tutorials are not recorded. Students are strongly encouraged to attend all lectures and tutorials. Further details on the delivery of this course and expectations of student engagement will be outlined in further detail on the Wattle course site. 

It bears repeating: attendance at all teaching events, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b). Outside work commitments are, generally speaking, not acceptable grounds for missing tutorials and lectures. Furthermore, for pedagogical reasons, based on 15+ years of experience, worked solutions of the weekly problem sets will not be provided. Students who, through unavoidable and unplanned occurrences, are unable to attend a tutorial class one week are encouraged to work through the problems and attend a consultation session with their tutor for discussion and solutions.


See information above, under assessments.

Assessment Task 1

Value: 9 %
Return of Assessment: 27/05/2022
Learning Outcomes: 2,3,4


9%, compulsory & non-redeemable

Students, grouped into pairs, or groups of three, will have to prepare a short analysis studying macroeconomic data. Beginning in week 4, each group will prepare a brief written summary of no more than one typed page and a 8-10-minute presentation. Students will be emailed their topics by the lecturer in the week before they have to give their presentations. Students will have to present at the beginning of their tutorial. The presentation summary should be emailed to the lecturer before the presentation. The student pairs/groups will be formed at the beginning of week 3. Students can choose their partners as long as they are in the same tutorial; those who have not found a partner will be randomly assigned partners by the head tutor and/or lecturer. The presentation weeks will be randomly assigned to each group and made available to everyone in week 3. Presentations will be video recorded, which will enable later validation and verification of assessment, if required (in accordance with point 7 in the ANU Student Assessment (Coursework) policy).

Assessment Task 2

Value: 15 %
Due Date: 21/03/2022
Return of Assessment: 01/04/2022
Learning Outcomes: 2,3,4,5

Assignment 1

15%, compulsory & non-redeemable

Take-home tasks to be typed and submitted 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 return the marked assignments before the end of week 6. 

Assessment Task 3

Value: 15 %
Due Date: 19/04/2022
Return of Assessment: 19/04/2022
Learning Outcomes: 2,3,4,5

Mid-Semester Quiz

15%, compulsory & non-redeemable

There will be one midterm quiz, testing the entire material covered in the first six weeks. It will be held in the early evening of week 7, probably on the Tuesday. The exact time will be announced as soon as practical to avoid any clashes with other midsemester examinations. The mid-term quiz will consist of multiple choice questions and will be delivered online. Students will have approx. 45 minutes to complete a random selection of questions from a bank of multiple choice questions. The quiz will be accessible for one hour only, so students need to make themselves available for the quiz, just like for any other exam. Further details about the quiz will be provided in week 6.

Assessment Task 4

Value: 15 %
Due Date: 16/05/2022
Return of Assessment: 27/05/2022
Learning Outcomes: 1,2,3,4,5

Assignment 2

15%, compulsory & non-redeemable

Take-home tasks, similar to Assignment 1, to be typed and submitted 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 return the marked assignments before the end of week 12. 

Assessment Task 5

Value: 46 %
Learning Outcomes: 1,2,3,4,5

Final Exam

46%, compulsory & non-redeemable

Probably 150 minutes

The final exam will be a 'take-home exam', most likely 150 minutes long. It will test the entire material covered throughout the semester, with an emphasis on the second half of the course. (Roughly one third of the exam will cover the first half of the course, and two thirds of the exam will cover the second half of the course.) It will be held during the university examination period.

The format of the final exam has not yet been determined. Most likely, it will consist of two parts. The first part contains multiple choice questions (MCQ), to be completed online through Wattle. The second part contains a combination of “short answer” questions (SAQ) that typically focus on a single concept and "long answer" questions (LAQ). Good answers to SAQs range from a couple of sentences to approx. half a page, rarely longer. LAQs, which typically have several sub-questions, test your technical skills as well as your general understanding, intuition and knowledge of macroeconomics.

Answers on exams should be clear, neat, relevant and concise. Students will be given a practice exam (with answers) to prepare for the exam. Further information will be provided by the end of 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) all submissions must be through Turnitin. 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.

Hardcopy Submission

All assessments will need to submitted electronically, through Wattle. There will be no hardcopy submissions.


Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, 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

The assignments will be returned, and marks uploaded onto the Wattle grade book, as soon as they are marked. An announcement will be made in 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).

Dr Timo Henckel
6125 5540

Research Interests

Macroeconomics; Monetary economics; International finance; Behavioural economics; Environmental economics

Dr Timo Henckel

Wednesday 13:30 14:30

Responsible Officer: Registrar, Student Administration / Page Contact: Website Administrator / Frequently Asked Questions