This course introduces the student to methods and issues in contemporary macroeconomics. A good understanding of the various macroeconomic issues and models is vital for any student of economics, business and finance. A central theme is the inter-relationship between empirical macroeconomic outcomes and theoretical constructs for explaining or understanding these outcomes. These models can also be used to understand and re-invent macroeconomic policies. In this course we also aim to bring the themes in undergraduate macroeconomic studies closer to what is taught in graduate courses, and also closer to how macroeconomics is done in the best universities and policy institutions such as the U.S. Federal Reserve, the International Monetary Fund, the European Central Bank, Bank of England, the Reserve Banks of New Zealand and Australia.

Learning Outcomes

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

1. define a coherent set of ideas for understanding macroeconomic phenomena and policy issues;
2. demonstrate an understanding of the assumptions, structure and micro-foundations of a macroeconomic model and its power and shortcomings;
3. formulate a relevant model and use such analytical tools in addressing a key macroeconomic question independently;
4. demonstrate an understanding of the different ways in which economic issues can be tackled.

Research-Led Teaching

This course introduces students to the state-of-the-art thinking in macroeconomics. It uses geometric tools and basic mathematical representations of models as logical reasoning devices for understanding current and past economic events and policy issues. The logical frameworks studied reflect Nobel-prize-winning ideas and current technologies used in academic research and policy practice. The course will require a strong foundation in Microeconomics (consumer and producer theory via indifference curves and production set theory, and the concept of competitive or general equilibrium in multiple markets). Students who have not taken ECON2101 are advised to first complete ECON2101 before taking up this course.

Field Trips

N/A

Additional Course Costs

N/A

Examination Material or equipment

This information will be available on Wattle at least 2 weeks before exams.

Required Resources

+ Stephen D. Williamson, “Macroeconomics”. Pearson Addison Wesley Publishers (International version). The textbook can be purchased from the campus bookstore. The physical and electronic copies can be also purchased from the publisher's website: https://www.pearson.com.au. The copies of the textbook will be available in the library (2 hour loan).

+ Lecture notes and slides posted on the Wattle site.

+ Additional reading materials posted on the Wattle site.

Recommended Resources

See the course outline.

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	Introduction - Get your Orienteering and Treasure Map
2	Long-run Growth: Facts and Theory (Chapters 7-8)
3	Long-run Growth: Policy and Growth (Chapters 7-8)	Tutorial Participation (1%)
4	Lessons from Micro 2: Intratemporal Trade-offs and Decisions (Chapter 4)	Tutorial Participation (1%), Quiz 1 (online, 5%)
5	Static General Equilibrium: Set up	Tutorial Participation (1%)
6	Static General Equilibrium: Application	Tutorial Participation (1%), Quiz 2 (online, 10%)
7	Micro 2 in Action: Intertemporal Decisions and a Two Period Model (Chapters 9-10)	Tutorial Participation (1%)
8	Dynamic General Equilibrium Model: Set up (Chapter 11)	Tutorial Participation (1%), Quiz 3 (online, 5%)
9	Dynamic General Equilibrium Model: Fiscal Policy (Chapter 11)	Tutorial Participation (1%)
10	Real Business Cycle Model: Set up and Application (Chapter 12)	Tutorial Participation (1%), Quiz 4 (online, 10%)
11	Beyond Walrasian Markets: Long-run Unemployment	Tutorial Participation (1%)
12	Current Issues: Inequality	Tutorial Participation (1%), Quiz 5 (online, 10%)
13	Examination weeks	Final exam (In-person, 50%)

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	Learning Outcomes
Online Quizzes (40%)	40 %	1-4
In-tutorial participation (10%)	10 %	1-4
Final examination (50%)	50 %	1-4

* 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

Lectures (in-person): Course content will mainly be delivered in weekly in-person lectures. These lectures are recorded and available online through Echo360 for students who are unable to attend campus. However, there is no guarantee that the system would work smoothly every week. Students are expected to attend lectures in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b).

Tutorials (in-person): From Week 2 there will be in-person tutorial sessions. Students MUST attend the tutorial section that they are enrolled in. Tutorial questions will be available on the class website at least one week in advance. 

Please note that reading and preparing for lectures and tutorials in advance is crucial for gaining high participation marks in the short term and for succeeding in your long-term learning.

Examination(s)

The final exam (in-person, up to 180 minutes) is compulsory. The exact date will be announced by the University. The final exam will cover the content from the entire course, including additional material found in any assigned reading.

Assessment Task 1

Online Quizzes (40%)

See the Class Overview for the frequency and expected occurrence of each quiz. There will be five such quizzes throughout the semester and require no more than 50 minutes of total time to complete each assignment. These quizzes will be administered via Wattle and will cover material taught in the preceding weeks. These learning activities are hurdle assessment items:* Failure to:

• complete a majority of these quiz items, and
• obtain an average passing mark across all attempted quizzes

will automatically be deemed a failure in completing the whole course. [ See the formal definition of a hurdle assessment here (Section 12). ]

Purpose.

To motivate students

• to develop the habit of mindful reading and comprehension;
• to achieve consistent weekly learning tasks; and
• to provide a health check and feedback on students' understanding of more basic concepts taught.

Each quiz will be implemented as a set of multiple-choice and/or short-response questions. These are designed to test your knowledge of basic definitions, building blocks, ideas, and concepts that underpin ongoing topics covered. Some of the questions will also test your knowledge regarding how important macroeconomic variables are measured, or how these measurements can be used and/or abused. Some questions will also challenge your ability to think and reason critically, as opposed to a superficial ability to recite knowledge or to only work within the confines of templated examples.

Marking rubric.

Each quiz has well-defined answers and each question tested has no room for subjective arguments. Allocated points per question will be considered absolute. Roughly 70-80% of the questions will test students at a basic knowledge, definitional, and/or conceptual level.

Feedback and performance.

• Real-time feedback on your performance will be provided at the end of each quiz completion.
• Feel free to engage with your tutors and instructor frequently for additional feedback.

  

Assessment Task 2

In-tutorial participation (10%)

Your participation in tutorial discussions is assessable (beginning in Week 3 of the semester).

• Attendance is a necessary condition for participation but it is not sufficient to constitute "participation".
• Each tutorial week, the tutor will mark your participation based on your level of engagement in the session and demonstrated understanding of the material discussed.

Our tutorial philosophy:

• Tutorials are not another form of lecture or solutions recital:
• If you have a tutor who only recites answers to you and does not actively manage classroom dialogue and participation, please let the lecturer know as soon as possible.
• Seek to make active dialogue and develop active reasoning skills:
• Do not feel shy to speak out, ask questions, or help clarify another classmate's contribution.
• Your tutor's job is to encourage and help you along in your contributions to discussions.
• Your tutor will provide you with an overview of the main ideas and how they connect.
• Tutorial "solutions" will not be posted or handed out:
• These are slothful, negligent, and impassive forms of teaching that will only encourage superficial learning and thinking.
• You must engage and ask for clarification in or out of the classroom.
• For example, raise your hand in class, post questions, and help make dialogue on the Discussion Forum, or show up in person during our office hours or special appointments.

Purpose.

To encourage and empower students

• to develop the habit of mindful reading and comprehension;
• to achieve consistent weekly learning tasks;
• to be “Future-ready” in terms of the ability to think on their feet, to reason precisely, and to effectively communicate and make dialogue in a group or public setting; and
• to aspire to or experience how to engage in evidence-based and logically- or model-consistent economic dialogue/debate.

Marking rubric.

Maximum 10 marks per tutorial week. The awarded mark will be whole numbers ranging from 0 to 10. Your tutors will assess your participation according to the following guide:

• 8, 9, or, 10 marks: Consistent demonstration of engagement. Evidence of a deep level of understanding of the material discussed. Evidence of thinking and prior completion of prescribed readings. Demonstrated precision in logic and effective communication.
• 5, 6, or, 7 marks: Some demonstration of engagement. Evidence of reasonable thought and understanding of the material discussed. Some effective communication.
• 1, 2, 3, or, 4 mark(s): Some demonstration of engagement. Evidence of minimal or superficial understanding of the material discussed. Little sign of reading comprehension or having done any prescribed readings. Demonstrated knowledge of concepts but limited precision in logic/understanding. Some minimal form of communication, but not necessarily effective or meaningful.
• 0 mark: Complete lack of participation.

Feedback and performance.

• Mid-term feedback on your participation will be provided to you by your tutor.
• Feel free to engage with your tutors and instructor frequently for ongoing feedback.

Assessment Task 3

Final examination (50%)

The exact date and time will be announced by the university, and run as an in-person invigilated exam by ANU Examinations.

The final exam is comprehensive and covers the content listed in the course outline, notes, slides, and additional reading materials.

Detailed instruction/preparation will be posted on the Wattle site in Week 10.

Purpose.

To assess students individually on their ability:

• to reason and think critically, subject to the confines of appropriately chosen logical-reasoning frameworks (models); and
• to communicate in writing clearly and effectively.

Marking rubric.

The following is indicative of the sorts of student-work quality we expect in this assessment item with an indicative distribution of marks:

70% max:

• Critical analysis of a case study or policy scenario with the use of appropriate modeling tools (diagrams, graphs, etc).
• Mechanical and verbatim reproduction of information (e.g., of mathematics, jargon usage, or diagrams) without clearly explained logical reasoning or analysis will attract zero marks.

20% max:

• Organization and clear writing.
• This includes well-labeled diagrams with easy-to-follow references made from your written analysis.
• Evidence of logical writing structure and attempt to communicate with the reader.

10% max:

• Care and attention to detail.
• Thought for the reader/audience in your presentation structure and style. 

Feedback and performance.

• There will be no feedback provided for a final examination piece. This task is for you, the student, to demonstrate your mastery of the course material.

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

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

• 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