Students
ECON110 – Macroeconomic Principles
2014 – MQC2 Evening
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Dr Marjan Nazifi
Contact via fatemeh.nazifi@mq.edu.au
E4A 425
Available at iLearn
Moderator
Dr Onur Ates
Contact via onur.ates@mq.edu.au
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| Credit points |
Credit points
3
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| Prerequisites |
Prerequisites
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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 is an introductory course in macroeconomics. It focuses on the economy as a whole, the economy seen as a set of markets related to each other, rather than on the features characterising the equilibrium in an individual market, for example, the market for shoes.
Topics covered include gross domestic product (GDP), savings, unemployment, inflation, money, the balance of payments, exchange rates, fiscal policy and monetary policy. At the end of the course, students should be able to apply the main model used by economists to represent the economy (aggregate supply-aggregate demand), identify the forces that determine the equilibrium level of output, employment, inflation, interest rates, the exchange rate and their movements, and be able to analyse and predict the effect of shocks to supply and/or demand.
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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:
- To explain and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- To explain and apply the income-expenditure and aggregate demand-aggregate supply models.
- To explain the role of money and the credit creation process.
- To evaluate the instruments available to governments and central banks to manage the economy. In other words, to evaluate the use of fiscal and monetary policy.
- To explain and apply the economic relationships a country has with the rest of the world.
- To make macro-economic policy recommendations given different economic scenarios.
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| Tutorial | 25% | Each week |
| In-Class Test | 25% | 22 SEPTEMBER |
| Final Examination | 50% | University Examination Period |
Tutorial
Due: Each week
Weighting: 25%
You are expected to present answers to the tutorial questions each week at your tutorial class. You will not be told beforehand which questions are to be asked. You are expected to present four times.
Each presentation is worth 5% of your total grade. In other words presentation accounts in total for 25% of your total grade.
Students who are called but have not presented their tutorial answers will be awarded a mark of zero, except in cases in which an application for special consideration is made and approved.
You are expected to attempt each week's questions prior to coming to the tutorial. The tutorial is the place where you have the opportunity to ask questions and clarify any problems you have with the tutorial questions. It is your responsibility to make good use of the tutorial time to have any problems resolved. The tutorial is not a mini-lecture, so your tutor will not be going through each question on the whiteboard.
Solutions to each week's tutorial won't be placed on the unit's ilearn site, so it is your responsibility to take notes during the class to clarify any remaining problems you have with the tutorial questions.
5% marks are awarded for tutorial attendance.
On successful completion you will be able to:
- To explain and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- To explain and apply the income-expenditure and aggregate demand-aggregate supply models.
- To explain the role of money and the credit creation process.
- To evaluate the instruments available to governments and central banks to manage the economy. In other words, to evaluate the use of fiscal and monetary policy.
- To explain and apply the economic relationships a country has with the rest of the world.
- To make macro-economic policy recommendations given different economic scenarios.
In-Class Test
Due: 22 SEPTEMBER
Weighting: 25%
A mid-session test will be held in September. The test will go for 90 minutes. The test addresses the material covered in lectures from week 1 to week 10.
On successful completion you will be able to:
- To explain and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- To explain and apply the income-expenditure and aggregate demand-aggregate supply models.
- To evaluate the instruments available to governments and central banks to manage the economy. In other words, to evaluate the use of fiscal and monetary policy.
- To make macro-economic policy recommendations given different economic scenarios.
Final Examination
Due: University Examination Period
Weighting: 50%
The final examination will consist of short and long answer questions. The final examination covers all of the course material. The examination will be 2 hours writing time plus ten minutes reading time. It is a closed book exam.
On successful completion you will be able to:
- To explain and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- To explain and apply the income-expenditure and aggregate demand-aggregate supply models.
- To explain the role of money and the credit creation process.
- To evaluate the instruments available to governments and central banks to manage the economy. In other words, to evaluate the use of fiscal and monetary policy.
- To explain and apply the economic relationships a country has with the rest of the world.
- To make macro-economic policy recommendations given different economic scenarios.
Delivery and Resources
Classes
Classes in ECON110 are composed of lectures and tutorials. Unit content is addressed by attending lectures and participating in tutorials and through independent learning. The lectures provide a general overview of the topics highlighting concepts and techniques. Tutorials complement lectures by providing opportunities to further explore the concepts and techniques initially introduced in lectures.
LECTURES
Students should attend the two-hour lecture every week. Lecture slides will be available prior to the lecture on the unit’s Website.
TUTORIALS
Each student must register for a tutorial. Students must finalise their tutorial enrolment by end of Week 2.
Tutorial changes can ONLY be made through e-student. Students wishing to change tutorial times should log onto e-student and register in a class where there is a vacancy. All questions of an administrative nature in respect of tutorial allocation should be addressed to the Unit Administrator. Other staff members will not deal with tutorial changes.
There will be a one-hour tutorial each week from weeks 1 to 13.
In week 1 students will be organised into groups of 3-5 students. You are required to work through the tutorial exercises with your group throughout the semester. Each group then presents the solutions to the class to receive a mark out of 20, which will contribute 25% to your final result. The pre-set tutorial questions for each week’s lecture will be posted on ilearn (Tutorials folder) before the lecture.
Tutorials constitute a critical learning experience of this unit and students should attend them. The tutor will facilitate a student-centred discussion of answers to pre-set tutorial questions and problems. A tutorial is also an active forum to discuss with the tutor and the other students difficulties you encountered when preparing for the pre-set tutorial questions.
Remember also that your tutor is your first reference point to clarify the material and answer your questions. Tutors are there to help you with any problems you may be having. Make sure you ask questions during the tutorial time – that is what it is for. If it is something that can’t be solved during the tutorial hour, go and see your tutor during his/her consultation times. It is good to get problems sorted out as they occur, rather than wait until the last minute when it may be too late.
INDEPENDENT LEARNING
This is about learning by doing; for each face-to-face hour of teaching in any week, you should expect to do 3 hours at-home study.
ECON110 relies heavily on independent learning where students read the relevant chapter, revise the lecture notes and prepare answers to the pre-set tutorial questions.
Prizes
The Westpac Macroeconomics Prize
Open to all students proceeding to the degree of Bachelor. It is awarded for proficiency in this unit.
Required and Recommended Texts and/or Materials
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Bernanke, B.H., Olekalns, N., and Frank, R.H. (2011), Principles of Macroeconomic (Australian) Macquarie University Edition. This book covers the entire content of the unit. Other editions of the textbook are a valid substitute for the Macquarie University edition. |
The required text can be purchased from the Macquarie University Co-op Bookshop. Copies are also available at the Macquarie Library.
Technology Used and Required
Unit Web Page
- Course material is available on the learning management system (iLearn)
- The web page for this unit can be found at: http://ilearn.mq.edu.au/course/view.php?id=714
The following information will be available on iLearn:
| Unit Outline | Announcements |
| Lecture slides | iLecture |
| Information on Assessments | Staff consultation hours and contact details |
You are strongly encouraged to regularly visit the website and use it as a resource centre to assist with your learning.
Unit Schedule
LECTURE AND TUTORIAL SCHEDULE
| Week | Topics |
| 1 | Output and Prices - Chapter 1 |
| 2 | Savings and Wealth & Unemployment - Chapters 2 & 3 |
| 3 | Short Term Economic Fluctuations - Chapter 4 |
| 4 | Spending and Output in the Short Run - Chapter 5 |
| 5 | Spending and Output in the Short Run - Chapter 5 |
| 6 | Fiscal policy - Chapter 6 |
| 7 | Mid-Session Test |
| 8 | Monetary policy - Chapters 8-9 |
| 9 | AD-AS Model - Chapter 9 |
| 10 | AD-AS model - Chapter 9 |
| 11 | The exchange rate - Chapter 14 |
| 12 | The balance of payments - Chapter 15 |
| 13 | Over-Run & Revision |
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
Discipline Specific Knowledge and Skills
Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.
This graduate capability is supported by:
Learning outcomes
- To explain and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- To explain and apply the income-expenditure and aggregate demand-aggregate supply models.
- To explain the role of money and the credit creation process.
- To evaluate the instruments available to governments and central banks to manage the economy. In other words, to evaluate the use of fiscal and monetary policy.
- To explain and apply the economic relationships a country has with the rest of the world.
- To make macro-economic policy recommendations given different economic scenarios.
Assessment tasks
- Tutorial
- In-Class Test
- Final Examination
Critical, Analytical and Integrative Thinking
We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.
This graduate capability is supported by:
Learning outcomes
- To explain and apply the income-expenditure and aggregate demand-aggregate supply models.
- To explain the role of money and the credit creation process.
- To evaluate the instruments available to governments and central banks to manage the economy. In other words, to evaluate the use of fiscal and monetary policy.
- To explain and apply the economic relationships a country has with the rest of the world.
- To make macro-economic policy recommendations given different economic scenarios.
Assessment tasks
- Tutorial
- In-Class Test
- Final Examination
Problem Solving and Research Capability
Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.
This graduate capability is supported by:
Learning outcomes
- To explain and apply the income-expenditure and aggregate demand-aggregate supply models.
- To explain the role of money and the credit creation process.
- To evaluate the instruments available to governments and central banks to manage the economy. In other words, to evaluate the use of fiscal and monetary policy.
- To explain and apply the economic relationships a country has with the rest of the world.
- To make macro-economic policy recommendations given different economic scenarios.
Assessment tasks
- Tutorial
- In-Class Test
- Final Examination
Changes since First Published
| Date | Description |
|---|---|
| 06/08/2014 | Providing the the exact date of the test (Mid_test). |