- Code IDEC8012
- Unit Value 6 units
- Offered by Crawford School of Public Policy
- ANU College ANU College of Asia and the Pacific
- Course subject International and Developmental Economics
- Areas of interest Economics, Applied Economics
- Academic career PGRD
- Prof Warwick McKibbin
- Mode of delivery In Person
Winter Session 2023
See Future Offerings
On-campus & remote (online) learning available. Students participate in interactive, real-time classes. In 2023 dates are 24, 31 July, 7,14,21,28 Aug
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.
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.
- 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]
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The standard workload for a 6 unit course is 120 hours including in class time and independent study.
Related academic papers will be introduced in the lectures. Notes will be provided for the lectures.
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.
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:
- Unit value:
- 6 units
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