Students

ECON214 – Applied Macroeconomics

2019 – S1 Day

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Alexander Blair
Contact via via email
Room 418, 04 EAR 4 Eastern Road (formerly E4A 418)
Check iLearn for times
Credit points Credit points
3
Prerequisites Prerequisites
(15cp at 100 level or above) including ECON110
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit is designed to build upon the models developed in ECON110 but also serves as a standalone unit in applied macroeconomics. Students will examine modern economic problems such as deflation, financial crisis and unemployment, both through the lectures and in a selection of papers from academic journals. This unit includes an introduction to the history of economic thought, allowing students to see the origins of the models they study, and therefore better understand the models themselves. It covers topics including IS-LM, the labour market, basic AD-AS models, and exchange rates, and ends in the Mundell-Fleming model. By the end of the unit students will understand the causes and solutions to real world situations and crises such as the Global Financial Crisis, slowing economic growth and other contemporary challenges. Students will benefit from the development of basic skills such as short essay writing for examinations, and basic mathematical skills – all such skills are taught and practiced in class, and require no prior knowledge. ECON214 will benefit those seeking an introduction to the history and application of economic models, and students will also gain a set of valuable employability skills.

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:

  • Identify and explain models of macroeconomics at an intermediate level
  • Critically analyse economic models in real world situations
  • Use computer software for problem solving in economics

Assessment Tasks

Name Weighting Hurdle Due
Introductory Class Test 10% No Week 3
Mid-Session Test 30% No Week 7
Modelling Exercise 20% No Week 12
Final Examination 40% No University Examination Period

Introductory Class Test

Due: Week 3
Weighting: 10%

Submission Written test in tutorial.

Feedback Exam script will be returned with comments.

Comment This test will review some of the material covered in the early lectures.  More than this however, it is intended to give you practice in some of the skills and techniques you will need in the subsequent assessment tasks.  In other words it will give us a snapshot of your current skill set.

Students who do not sit for this Test will receive a mark of zero.  This penalty does not apply for students who have applied and been approved for Special Consideration.   If remedy is approved under these procedures then in most cases a viva voce will be substituted for the in-class Test.


On successful completion you will be able to:
  • Identify and explain models of macroeconomics at an intermediate level

Mid-Session Test

Due: Week 7
Weighting: 30%

Submission Written test in the lecture.

Feedback Exam script will be returned with comments.

Comment The aim of this Class Test is to help with the learning process, as much as it is for purposes of assessment.  The exam will focus on the ideas, facts and concepts that are the building blocks for understanding what is going on in our economy.  It will be of 1.5 hours duration.

Students who do not sit this Mid-Session Test will receive a mark of zero.  This penalty does not apply to those students who have applied and been approved for Special Consideration. 


On successful completion you will be able to:
  • Identify and explain models of macroeconomics at an intermediate level
  • Critically analyse economic models in real world situations

Modelling Exercise

Due: Week 12
Weighting: 20%

Submission By Dialogue in iLearn, as Powerpoint document in attachment, with verification via Turnitin.

Feedback Assignment will be returned with comments.

Comment:  The topic will depend on our lecture timetable (which we will vary if we find that certain topics need more work) but it might include for example a rendering in Powerpoint of the Mundell-Fleming model, or some other model relevant to the lectures.  (We will show you how to work in Powerpoint, a useful skill generally).  There will be a Final Exam question covering very similar content, so this Assignment exercise will be excellent preparation for the Final Examination.

Late submission of the Assignment:  Late Assignments will incur a penalty of 10% of the total available marks applied to the total awarded marks for each 24 hour period or part thereof that the submission is late. (Thus for example submission 25 hours late will lead to a 20% marks penalty).  This penalty will not apply in cases in which a valid Special Consideration application has been made and approved.  


On successful completion you will be able to:
  • Identify and explain models of macroeconomics at an intermediate level
  • Critically analyse economic models in real world situations
  • Use computer software for problem solving in economics

Final Examination

Due: University Examination Period
Weighting: 40%

Formal Examination End of session formal examination.

Comment

The final exam will be in he University's examination period.  Further details will be made available on iLearn. Students who do not sit this Final Examination will receive a mark of zero.  This penalty does not apply to those students who have applied and been approved for Special Consideration. 


On successful completion you will be able to:
  • Identify and explain models of macroeconomics at an intermediate level
  • Critically analyse economic models in real world situations

Delivery and Resources

Classes

  • This unit provides 3 hours face-to-face teaching per week consisting of 1 x 3 hour class, within which we will combine delivery of lecture notes (assisted by the lecture slides available via iLearn) as well as discussion of selected journal articles (see Reading Guide available on the iLearn site). 
  • The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/ Consult this website for times and locations of tutorials.

Required and Recommended Texts and/or Materials

As an applied unit, we will be looking at specific models as they are used in practice, in real world policy making, rather than drawing upon a theoretical text. Access to the textbook for ECON204:

Olivier Blanchard & Jeffrey Sheen, Macroeconomics, Pearson (either the 3rd Australasian edition, 2009, or the 4th Edition 2013)

would be useful but is not essential, as all the models discussed in the Unit will be presented in full in the lectures. Other readings will be supplied online or by the lecturer.

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Undergraduate students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/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/study/getting-started/student-conduct​

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 or if you are a Global MBA student contact globalmba.support@mq.edu.au

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

If you are a Global MBA student contact globalmba.support@mq.edu.au

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.

Graduate Capabilities

Creative and Innovative

Our graduates will also be capable of creative thinking and of creating knowledge. They will be imaginative and open to experience and capable of innovation at work and in the community. We want them to be engaged in applying their critical, creative thinking.

This graduate capability is supported by:

Learning outcome

  • Identify and explain models of macroeconomics at an intermediate level

Assessment task

  • Modelling Exercise

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

  • Identify and explain models of macroeconomics at an intermediate level
  • Use computer software for problem solving in economics

Assessment tasks

  • Mid-Session Test
  • Modelling Exercise
  • 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

  • Identify and explain models of macroeconomics at an intermediate level
  • Critically analyse economic models in real world situations
  • Use computer software for problem solving in economics

Assessment tasks

  • Introductory Class Test
  • Mid-Session Test
  • Modelling Exercise
  • Final Examination

Effective Communication

We want to develop in our students the ability to communicate and convey their views in forms effective with different audiences. We want our graduates to take with them the capability to read, listen, question, gather and evaluate information resources in a variety of formats, assess, write clearly, speak effectively, and to use visual communication and communication technologies as appropriate.

This graduate capability is supported by:

Learning outcome

  • Critically analyse economic models in real world situations

Assessment tasks

  • Introductory Class Test
  • Mid-Session Test
  • Final Examination