Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Natalia Ponomareva
Contact via natalia.ponomareva@mq.edu.au
E4A 428
Monday 1-2, Wednesday 1-2 or by appointment
Lecturer
Marjan Nazifi
E4A 429
TBA
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
6cp at 200 level including (ECON201 or ECON204)
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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 concerned with the formulation and implementation of macroeconomic policy. Topics include: measurement of the business cycle, inflation targeting, monetary policy rules, the cash rate as the instrument of monetary policy in Australia and how it is set, the impact of economic shocks and the appropriate policy response in both a closed and open economy setting, economic bubbles and the stock and housing markets, the fiscal outlook and public debt and the role of technology and ideas in generating rising living standards. Short-run economic policy will be discussed in the framework of the AD-AS model with an interest rate rule. A version of Romer's model that emphasises the role of ideas is used to explain sustained rises in living standards.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Due |
---|---|---|
Class test | 30% | Week 7 |
Assignment | 20% | Week 9 |
Final Examination | 50% | University Examination Period |
Due: Week 7
Weighting: 30%
Your midsession exam is one 1 hour 20 minutes plus 10 minutes reading time. It will be based primarily on the exercises covered in the last hour of lectures presented from weeks 1 to 6.
No material is allowed in the exam except for a non-programmable calculator.
Due: Week 9
Weighting: 20%
Description: Provide a short answer to questions either of an analytical nature and/or based on Australian data.
Provide a clear analytical framework in which to express your answers. You may need to reference Australian data. You do not need to provide an extensive list of references in your answers.
Submission: Submit to turnitin. Keep a copy of your assignment. The submission date will be announced on iLearn and in class. There will be no extensions. In the case of unavoidable circumstances students should refer to Disruption to Studies Policy.
Penalties: 4 marks (out of 20) will be deducted for each (calendar) day late.
Due: University Examination Period
Weighting: 50%
Description: Two (2) hours (plus 10 minutes reading time)
To be held in the University Examination Period for Session 2, 2015.
The final exam will be based on lectures from Weeks 1 to 13 with an emphasis on material presented after the midsession examination.
No material is allowed except for a non-programmable calculator.
Note that in order to pass the unit you have to get at least 40% in the final exam.
There is one three-hour lecture per week. The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/
VICTOR ARGY PRIZE FOR ECON311
This prize commemorates Victor Argy who was Professor of Economics at Macquarie University from 1973 until his death in 1993. The prize, to the value of $350, is awarded for proficiency in ECON311 and is open to all candidates proceeding to the degree of Bachelor.
The prescribed text for the unit is:
Jones, Charles I., Macroeconomics, Third Edition, International Student Edition, Norton 2014.
Up-to-date commentaries and data on the Australian economy can be found in the following:
Reserve Bank of Australia, Bulletin, published monthly: http://www.rba.gov.au Department of the Treasury, Economic Roundup, AGPS, Canberra, published quarterly (available online at http://www.treasury.gov.au/)
Data relating to Australia and other countries are also available on the Internet. Useful sites include the following:
There are no special technology requirements in this unit.
Unit Web Page
Course material is available on the learning management system (iLearn).
The following information will be available on iLearn:
Unit Outline | Announcements |
Lecture slides and exercises | Lecture exercises solutions |
Information on Assessments | Contact details |
Consultation hours | Other relevant material |
You are strongly encouraged to regularly visit the website and use it as a resource centre to assist with your learning.
Week |
Lecture |
1 |
Trends and Cycles in Macroeconomic Data |
2 |
Economic Shocks and Short-Run Fluctuations in Economic Activity Contemporary Monetary Policy |
3 |
The Operating Procedures of the Reserve Bank of Australia and Inflation Targeting |
4 |
Stabilization Policy and the AS/AD Framework. Stabilization Policy and Taylor Rules |
5 |
The Global Financial Crisis |
6 |
Dynamic Stochastic General Equilibrium Models |
7 |
Class Test |
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Mid-semester Break |
8 |
Consumption Fiscal Policy and Government Debt |
9 |
No class Assignment Due |
10 |
Exchange Rate Regimes and Macroeconomic Policy |
11 |
Economic Growth I: Capital Accumulation and the Solow Growth Model |
12 |
Economic Growth II: Determinants of Long-run Economic Growth: Romer’s Idea’s Model |
13 |
Macroeconomic Policy: The Current Consensus and Unresolved Issues |
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.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
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Slight modification of the content.
This unit gives you practice in applying research findings in your assignment and provides you with the background to conduct your own research.