Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Alexander Blair
Contact via via email
E4A 418
Consultation - 6pm Tuesday after the lecture.
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
(15cp at 100 level or above) including ECON110
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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 designed to build upon the models developed in ECON204 but also serves as a standalone unit in applied macroeconomics. Some of the models are therefore familiar from ECON204, but they are taught here from their basics and without assumed knowledge. This unit includes a substantial 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 also IS-LM, the labour market, basic AD-AS models, the various incarnations of the Phillips Curve, and exchange rates, and culminates in the Mundell-Fleming model of an open economy. These models are illustrated by application to modern economies, both through the lectures and in a selection of papers from academic journals examined in tutorials. Students will also benefit from the development of basic skills such as short essay writing for examinations, and basic mathematical skills – all such skills are taught and practised in class, and again, require no prior knowledge. In particular, students who have not yet completed ECON204 will not be disadvantaged, and will benefit from the grounding in ECON204 models that this unit will provide. It will benefit also those seeking an introduction to the history and application of economic models, who will gain also an accompanying set of valuable general skills.
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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 |
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Introductory Class Test | 10% | No | 13th March |
Mid-Session Test | 30% | Yes | 10th April |
Modelling Exercise | 20% | No | 28th May 11pm |
Final Examination | 40% | No | University Examination Period |
Due: 13th March
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. Consult the Policies and Procedures section of this Unit Guide for further information on these policies. If remedy is approved under these procedures then in most cases a viva voce will be substituted for the in-class Test.
Due: 10th April
Weighting: 30%
This is a hurdle assessment task (see assessment policy for more information on hurdle assessment tasks)
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. Consult the Policies and Procedures section of this Unit Guide for further information on these policies.
Due: 28th May 11pm
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). Note that Assignments submitted at any time without the correct procedures, will be subject to penalties as specified in the Assignment handout. Penalties will continue to apply until re-submission of the Assignment with the correct procedure. These penalties will not apply in cases in which a valid Special Consideration application has been made and approved. Consult the Policies and Procedures section of this Unit Guide for further information on these policies.
Due: University Examination Period
Weighting: 40%
Formal Examination End of session formal examination.
Comment
The final exam will consist of essay-style questions plus some short answer material. More details regarding the Final Exam will be given towards the end of the session. However the style of the Exam is very similar to that of the Mid-Session Test – some theory questions, some short essays, some calculation questions. The Exam will cover both lecture content and material specifically covered in tutorials (which makes attendance in lectures and participation in tutorial essential for success in the Unit) including the journal article readings which are required for tutorial preparation.
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. Consult the Policies and Procedures section of this Unit Guide for further information on these policies. Note that it is University policy not to set early examinations for individuals or groups of students. All students should ensure that they are available for assessments and other essential tasks until the end of the teaching Session, in other words the final day of the official examination period.
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.
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).
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 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.
For all student enquiries, visit Student Connect at ask.mq.edu.au
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.
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