• Class Number 4435
  • Term Code 3330
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • Prof Markus Brueckner
    • Prof Markus Brueckner
  • Class Dates
  • Class Start Date 20/02/2023
  • Class End Date 26/05/2023
  • Census Date 31/03/2023
  • Last Date to Enrol 27/02/2023
SELT Survey Results

This course will provide students with models that can be used to analyse issues in international monetary economics. The course introduces students to so-called global imbalances and the basic stylized facts about current accounts with cross-section and the time-series of selected countries such as the US and China. Issues of current account sustainability will also be addressed. The underlying intertemporal modelling framework will be applied to the current account and be used to understand the macroeconomic effects of external shocks, such as changes in terms of trade and the world interest rate. Students will also learn about the effects that endowment and productivity shocks have on consumption, saving, investment, the trade balance, and the current account. These effects will be analysed for small and for large open economies. Students will learn about the real exchange rate and use the intertemporal modelling framework to analyse its determinants. Towards the end of the course, students will learn about capital market integration and the effects of capital controls. The last lecture concludes the course with a discussion of the most recent World Economic Outlook that is produced semi-annually by the International Monetary Fund.

Learning Outcomes

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

  1. demonstrate an understanding of the core theoretical models used by economists in the field of international monetary economics;
  2. apply these models to contemporary issues in international monetary economics;
  3. explain and demonstrate an understanding of some of the associated empirical implications and policy issues in international monetary economics;
  4. critically evaluate and analyse newspaper and magazine articles covering events about international monetary economics in the world.

Research-Led Teaching

Students will be introduced to theoretical models that form the basis for the theoretical models currently used by researchers to answer questions pertaining to international monetary economics. Students will also be introduced to how data can be used to test the predictions derived from the theoretical models.

Required Resources

The textbook for the course is "International Macroeconomics" by Stephanie Schmitt-Grohe, Martin Uribe, and Michael Woodford. A copy of the textbook for a 2-hour loan will be available from the ANU library.

A copy of the most recent World Economic Outlook, published by the IMF, can be downloaded here: https://www.imf.org/en/Publications/WEO.

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). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Class Schedule

Week/Session Summary of Activities Assessment
1 Global Imbalances
2 Current Account Sustainability
3 An Intertemporal Theory of the Current Account
4 Terms of Trade, World Interest Rates, Tariffs and the Current Account
5 Current Account Determination in a Production Economy Quiz. Sunday, 26 March 2023. Exact time of the quiz will be announced no later than the end of week 3.
6 Uncertainty and the Current Account
7 Large Open Economies
8 The Real Exchange Rate and Purchasing Power Parity
9 Determinants of the Real Exchange Rate
10 International Capital Market Integration
11 Capital Controls
12 Contemporary Issues in International Monetary Economics: A Look at the IMF's World Economic Outlook

Tutorial Registration

Tutorials this semester will be delivered on-campus. You are expected to attend one tutorial each week from Week 3 onwards. You must enrol in a tutorial using MyTimetable, and attend the tutorial in which you are enrolled.

Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Quiz 20 % 26/03/2023 31/03/2023 1,2,3,4,5,6
Final Exam 80 % * * 1,2,3,4,5,6

* 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 Integrity 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 Skills 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.


All lectures will be pre-recorded.

All of the pre-recorded lectures will be available to students on wattle.

Each student is free to choose the time when to view and understand the material covered in the pre-recorded lectures.

Tutorials will be will be delivered on-campus.

Assessment Task 1

Value: 20 %
Due Date: 26/03/2023
Return of Assessment: 31/03/2023
Learning Outcomes: 1,2,3,4,5,6


The quiz assesses students' understanding of all the material covered in the first five weeks (i.e. the content in chapters 1 to 5 of the textbook).

Further information:

The quiz will have a duration of 30 minutes. No materials permitted. The style of questions will be multiple choice (MCQ). The quiz will be invigilated via zoom. The quiz results will be returned to students before the end of week 6.

Assessment Task 2

Value: 80 %
Learning Outcomes: 1,2,3,4,5,6

Final Exam

Name of Assessment Task:

Final Exam

Details of Task:

The final exam assesses students' understanding of all the material covered in the course (i.e. the content in chapters 1 to 11 of the textbook).

Further details:

The final exam will have a duration of 2 hours. No materials permitted. The style of questions will be short-answer. The final exam will be invigilated via zoom. Submission through Wattle using Turnitin. More information regarding the final exam will be provided to students no later than week 10.

Students will be given a practice exam in week 12.

The final exam will be scheduled in the final exam period.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.


The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

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


Late Submission

  • Late submission not permitted. A mark of 0 will be awarded to submissions that are late.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

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).

Prof Markus Brueckner

Research Interests

Prof Markus Brueckner

Friday 15:00 16:00
Friday 15:00 16:00
Prof Markus Brueckner

Research Interests

Prof Markus Brueckner

Friday 15:00 16:00
Friday 15:00 16:00

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