This course will acquaint students with contemporary modern macroeconomics. Key questions relating to long-terms prospects for the wealth of nations and the short-terms fluctuations in aggregate economic outcomes will be discussed. In addressing these questions, we will need to develop some analytical tools, learn about the modern approaches to macroeconomic modelling, and appreciate the importance of empirical regularities in informing modelling. We will also discuss the relevance of some of these models toward informing macroeconomic policy and business decision making. Students are expected to possess or have the aptitude for some formal mathematical thinking and analysis (at a minimal level of ECON8013 Mathematical Techniques in Economics I). 

Learning Outcomes

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

1. Understand key issues and questions in macroeconomics.
2. Develop some idea about how to think about and solve current macroeconomic problems.
3. Understand the connection between assumptions made and the conclusions drawn.
4. Appreciate the shortcomings of models and to provide alternative improvements.
5. Construct logical arguments and provide economic explanations consistent with the workings of the model used.
6. Use analytical and (some) numerical methods in modeling.
7. Work independently, in teams, and to develop intellectual leadership.

Research-Led Teaching

This course aims to: first, reinforce previously learned principles of macroeconomics at the masters level; and second, develop students' knowledge, technical skills and critical thinking so that, at the end of the course, students will have a solid understanding of modern macroeconomics.

Field Trips

n.a.

Additional Course Costs

n.a.

Required Resources

Chugh, Sanjay (2015). Modern Macroeconomics. MIT Press.

The pdf copies of the chapters for the textbook can be downloaded from the authors' website at http://skchugh.com/teachingmanuscript.html

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	Part I. Consumer Analysis, Firm Analysis, Fiscal Policy, Introduction to Finance Theory Introduction to Modern Macroeconomics Review of Microeconomics of Consumer Theory Static Consumption-Labor Framework Chugh (2015): Chapters 1 and 2
2	Dynamic Consumption-Savings Framework Inflation and Interest Rate in the Consumption-Savings Framework Chugh (2015): Chapters 3 and 4
3	Dynamic Consumption-Labor Framework Firms Intertemporal Fiscal Policy Chugh (2015): Chapters 5 - 7
4	Infinite-Period Framework and Introduction to Asset Pricing Shocks Chugh (2015): Chapters 8 and 9
5	Part II. A Brief History of Macroeconomic Thought History of Macroeconomics Supply-Side Economics The Phillips Curve New Keynesian Economics Real Business Cycle Theory Chugh (2015): Chapters 10-14	Quiz. (Exact time and date of the quiz will be announced no later than the end of week 3.)
6	Part III. Policy Analysis Monetary Policy in the Intertemporal Framework Monetary-Fiscal Interactions Chugh (2015): Chapters 15 and 16
7	Part IV. Optimal Policy Analysis I: The Flexible Price Approach Optimal Monetary Policy Economic Efficiency Optimal Fiscal Policy Chugh (2015): Chapters 17-19
8	Part IV. Optimal Policy Analysis I: The Flexible Price Approach Optimal Fiscal and Monetary Policy Financial Accelerator and Role of Regulatory Policy Chugh (2015): Chapters 20 and 21
9	Part V. Optimal Policy Analysis II: The Rigid Price Case Monopolistic Competition: The Dixit-Stiglitz Framework A New Keynesian View of Sticky Prices: The Rotemberg Framework Chapters 22 and 23
10	Part V. Optimal Policy Analysis II: The Rigid Price Case Optimal Monetary Policy with Sticky Prices Chugh (2015): Chapter 24
11	Part VI. Long-Run Growth Analysis The Solow Growth Framework Neoclassical Growth Chugh (2015): Chapter 25 and 26
12	Part VII. Unemployment Search, Unemployment, and Vacancies Matching Equilibrium Long-Lasting Jobs Chugh (2015): Chapters 27-29
13	Examination Period	Final Examination

Tutorial Registration

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. https://www.anu.edu.au/students/program-administration/timetabling].

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Quiz	20 %	25/03/2023	01/04/2023	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

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 Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Guideline and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

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.

Participation

All lectures will be pre-recorded.

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.

Examination(s)

The quiz and final exam will be posted on Wattle at a specified time and date, as a PDF document. Students will be expected to upload a single PDF with their answers using Wattle/Turnitin. The quiz and final exam will be closed book.

Assessment Task 1

Quiz

The quiz assesses students' understanding of all the material covered in the first four weeks (chapters 1-9 of the textbook).

Further information:

The quiz will have a duration of 30 minutes. The quiz will be invigilated via zoom. No materials permitted. The style of questions will be short-answer.

Solutions to the quiz will be provided to students before the end of week 6.

Assessment Task 2

Final Exam

The final exam assesses students' understanding of all the material covered in the course (chapters 1-29 of the textbook).

Further details:

The final exam will have a duration of 2 hours. The final exam will be invigilated via zoom. No materials permitted. The style of questions will be short-answer.

The exam will be scheduled in the final exam period. Further information about the final exam will be provided to students in week 10.

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

NA

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

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).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Access 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