In 2022 the class dates are July 25; August 1, 8, 15, 22, 29.
Quantitative assessment is necessary for macroeconomics and macroeconomic policymaking. This course will provide students with skills in two major analytical tools for quantitative evaluation in macroeconomics, particularly monetary policy: vector autoregressive (VAR) and dynamic stochastic general equilibrium (DSGE) models. These tools are heavily used in academic literature and policy analysis in central banks and international organisations. Using these methods, students will be able to identify the sources of macroeconomic fluctuations, gauge how structural shocks affect macroeconomic variables dynamically (impulse responses), forecast, and explore optimal policies. The course is technical and students are expected to have a good understanding of statistics and mathematics prior to enrolling.
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
- Demonstrate capacity in utilising key tools for macroeconomic policy analysis such as the VAR and DSGE methods.
- Understand policy and discussion papers published by central banks and international organisations.
- Undertake applied research on monetary policy and central banking using VAR methods.
- Utilise the DSGE approach to analyse optimal monetary and fiscal policies.
Indicative Assessment
- Proposal for research paper (10) [LO 1,2,3]
- Research paper using the VAR approach (maximum 5,000 words) (50) [LO 1,2,3]
- Final exam (40) [LO 1,2,3,4]
The 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.
Workload
The standard workload for a 6 unit course is 120 hours including in class time and independent study.
Inherent Requirements
Prescribed Texts
Related academic papers will be introduced in the lectures. Notes will be provided for the lectures.
Assumed Knowledge
Good knowledge of statistics, probability, econometrics, microeconomics and macroeconomics are necessary. This is not a course for those who have not taken these courses at the graduate level and do not feel comfortable with these subjects. The course material is technical and students are expected to have a good understanding of statistics and mathematics in advance.
Fees
Tuition fees are for the academic year indicated at the top of the page.
Commonwealth Support (CSP) Students
If you have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). More information about your student contribution amount for each course at Fees.
- Student Contribution Band:
- 34
- Unit value:
- 6 units
If you are a domestic graduate coursework student with a Domestic Tuition Fee (DTF) place or international student you will be required to pay course tuition fees (see below). Course tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.
Where there is a unit range displayed for this course, not all unit options below may be available.
| Units | EFTSL |
|---|---|
| 6.00 | 0.12500 |
Course fees
- Domestic fee paying students
| Year | Fee | Description |
|---|---|---|
| 2022 | $4440 | Standard Rate |
| 2022 | $3510 |
Grandfathered Rate*
*continuing students in nominated programs only. See fee website |
- International fee paying students
| Year | Fee |
|---|---|
| 2022 | $5700 |
Offerings, Dates and Class Summary Links
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.
Class summaries, if available, can be accessed by clicking on the View link for the relevant class number.