Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Lance Fisher
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
6cp at 200 level including 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 | Hurdle | Due |
---|---|---|---|
Class test | 30% | No | Week 7 |
Assignment | 20% | No | Week 8, Thursday |
Final Examination | 50% | No | University Examination Period |
Due: Week 7
Weighting: 30%
The class test exam is one 1 hour 20 minutes plus 10 minutes reading time. It will be based on the lecture material and exercises which are covered in Weeks 1 to 6.
No material is allowed in the exam except for a non-programmable calculator.
Students who do not sit this test will be awarded a mark of zero. This penalty does not apply for penalty does not apply for cases in which an application for Special Consideration is made and approved. Note: applications for Special Consideration Policy must be made within 5 (five) business days of the due date and time. When an application for special consideration has been approved, Policy allows for the provision of one additional task. The format, time and date of this task will be determined by the UC.
Due: Week 8, Thursday
Weighting: 20%
Description: Provide an answer to questions of an analytical nature and/or write a short essay/report which might require the use of 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: The assignment is due at 9 pm on Thursday of Week 8. Students should submit their assignment to Turnitin.
Penalties: No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission incurs a 20% penalty). Late submissions will be accepted up to 96 hours after the due date and time. This penalty does not apply for cases in which an application for Special Consideration is made and approved. Note: applications for Special Consideration must be made within 5 (five) business days of the due date and time.
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 1, 2019.
The final exam will be based on lectures from Weeks 1 to 13 (inclusive) with an emphasis on material presented after the class test .
No material is allowed except for a non-programmable calculator.
There will be a supplementary final exam for students with approved special consideration requests.
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, Fourth Edition, International Student Edition, Norton 2016.
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 Assignment is due at 9pm on Thursday on Turnitin |
9 |
Fiscal Policy and Government Debt |
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 |
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This unit gives you practice in applying research findings in your assignment and provides you with the background to conduct your own research.