Students
ECON861 – Advanced Macroeconomics
2014 – S2 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Natalia Ponomareva
Contact via natalia.ponomareva@mq.edu.au
E4A 428
Monday 2-3 or by appointment
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| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
ECON633
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| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
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| Unit description |
Unit description
This unit presents macroeconomic models based firmly on microeconomic foundations. Specifically, macroeconomic models are developed based on the optimising behaviour of private agents and of the government in an open economy framework. There are two important advantages of this approach. First, macroeconomic issues can be discussed in a way that is fully consistent with microeconomic behaviour. Second, because this approach is based on solid microeconomic theory, it can be used to evaluate the welfare consequences of government policy. The empirical regularities that have been found in macroeconomic data will also be discussed and used to evaluate the theory we develop.
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Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- Understand and contribute to economic policy debates related to growth and business cycles.
- Analyse theoretical problems in growth and business cycle models.
- Critically interpret theoretical and empirical studies of growth and short-run fluctuations.
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| Midsession Exam | 30% | Week 7 |
| Assignment | 25% | Week 11 |
| Final exam | 45% | Formal examination period |
Midsession Exam
Due: Week 7
Weighting: 30%
The mid-session exam is 1.5 hours plus 10 min reading time.
No material is allowed in the exam except for a non-programmable calculator.
On successful completion you will be able to:
- Understand and contribute to economic policy debates related to growth and business cycles.
- Analyse theoretical problems in growth and business cycle models.
Assignment
Due: Week 11
Weighting: 25%
Description
This assignment is based on a referee report or literature review, where students will have to demonstrate understanding and depth of readings relating theory to empirics and policy issues. Details will be provided on ilearn.
Submission
The hard copy of the assignment has to be handed in class in week 11 and the soft copy should be submitted to turnitin by 2 pm October 31.
Extension
There will be no extensions. In the case of unavoidable circumstances students should apply for a special consideration.
Penalties
4 marks (out of 20) will be deducted for each (calendar) day late.
On successful completion you will be able to:
- Understand and contribute to economic policy debates related to growth and business cycles.
- Critically interpret theoretical and empirical studies of growth and short-run fluctuations.
Final exam
Due: Formal examination period
Weighting: 45%
Description
Two (2) hours plus 10 min reading time. To be held in the University Examination Period for Session 2, 2014.
No material is allowed except for a non-programmable calculator.
On successful completion you will be able to:
- Understand and contribute to economic policy debates related to growth and business cycles.
- Analyse theoretical problems in growth and business cycle models.
Delivery and Resources
Classes
Lectures and tutorials are scheduled in the same day. The tutorials will complement lectures by providing opportunities to develop in detail some of the concepts and techniques. Students are expected to come prepared to lectures and tutorials.
The timetable for classes for ECON490-861 is on the University web site at: https://timetables.mq.edu.au/2012/
Required and Recommended Texts and/or Materials
The textbook is:
B. Sorensen and H.J. Whitta-Jacobsen – Introducing Advanced Macroeconomics (2010 – second edition), McGraw Hill (referred to as SWJ).
The required text can be purchased from the Macquarie University Co-op Bookshop. They are also available at the Macquarie Library.
Technology Used and Required
Lecture slides, tutorial questions and answers will be available on ilearn.
Teaching and Learning Activities
The teaching strategy in ECON861 recognises that students learn independently and assume responsibility for the learning process and with academic integrity.
Unit Schedule
Topic 1
Exogenous growth: the Solow model and extensions
Topic 2
Endogenous growth
Topic 3
R&D based growth models
Topic 4
Unemployment
Topic 5
Facts about business cycles. Investment and asset prices
Topic 6
Consumption and aggregate demand
Topic 7
The AS-AD model
Topic 8
Stabilisation policy
Topic 9
Limits to stabilization policy: Credibility and Uncertainty
Topic 10
The AS-AD model in the open economy
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
IT Help
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Graduate Capabilities
PG - Discipline Knowledge and Skills
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Learning outcomes
- Understand and contribute to economic policy debates related to growth and business cycles.
- Analyse theoretical problems in growth and business cycle models.
- Critically interpret theoretical and empirical studies of growth and short-run fluctuations.
Assessment tasks
- Midsession Exam
- Assignment
- Final exam
PG - Critical, Analytical and Integrative Thinking
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Learning outcomes
- Understand and contribute to economic policy debates related to growth and business cycles.
- Analyse theoretical problems in growth and business cycle models.
- Critically interpret theoretical and empirical studies of growth and short-run fluctuations.
Assessment tasks
- Midsession Exam
- Assignment
- Final exam
PG - Research and Problem Solving Capability
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
Learning outcome
- Critically interpret theoretical and empirical studies of growth and short-run fluctuations.
Assessment tasks
- Midsession Exam
- Assignment
- Final exam
PG - Effective Communication
Our postgraduates will be able to communicate effectively and convey their views to different social, cultural, and professional audiences. They will be able to use a variety of technologically supported media to communicate with empathy using a range of written, spoken or visual formats.
This graduate capability is supported by:
Learning outcomes
- Understand and contribute to economic policy debates related to growth and business cycles.
- Critically interpret theoretical and empirical studies of growth and short-run fluctuations.
Assessment tasks
- Midsession Exam
- Assignment
- Final exam
Changes from Previous Offering
Research and Practice
This unit gives you practice in applying research findings in your assignment and provides you with the background to conduct your own research.