Macroeconomics is concerned with the operation of the economy as a whole, with attention paid to such things as unemployment, inflation, and interest rates, determination of the level of national income, savings and investment, and the exchange rate and the current account of the balance of payments. The course develops a consistent model of the economy to explore the interactions of key macroeconomic markets and variables and to examine the impacts of different kinds of shocks to the economy and the role of government budgetary and monetary policy in influencing the level of economic activity.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. demonstrate mastery of the core theoretical models used by macroeconomists, in particular the Solow growth model and the AS/AD-model;
2. discuss the usefulness and limitations of these models;
3. explain and understand some of the associated empirical implications and policy issues;
4. critically read and understand many newspaper and magazine articles covering current economic events;
5. provide evidence of knowledge and contextual understanding of key institutional features of the Australian economy and some overseas economies

Research-Led Teaching

While the course’s mission is to teach macroeconomic principles, a strong emphasis will be placed on critical thinking. The lecturers are active researchers with expertise in macroeconomics and economic theory. Whenever possible, they draw attention to new ideas and evidence in macroeconomics.

Examination Material or equipment

The midterm and final examinations will be scheduled by the central examinations office. The final exam and the midterm exam will be held in person. Further details about the exams will be provided, including exact format, content covered, etc., will be made available on Wattle and in the lectures by the end of week 4 (midterm) and week 10 (final).

Required Resources

The following textbook will form the basis for much of this course:

• Holden, Stevenson, and Wolfers, Macroeconomic Principles Australian edition, 1st edition, New York: Macmillan, 2023. Copies of this book have been placed on 2-hour loan in the Chifley library. An online version of the textbook is also available through the ANU library website.

If you wish to purchase a copy, you should be able to do so through the Harry Hartog campus bookshop. Alternatively, order a copy through www.amazon.com  or www.bookdepository.com.

Other materials, available online, will also be prescribed to supplement the text on certain topics. These links will be provided on the Wattle site in advance of the relevant lectures.

Recommended Resources

Cowen and Tabarrok, Modern Principles of Macroeconomics, 6th Ediiton, New York, Macmillian, 2024.

Staff Feedback

Students will be given feedback in the following ways:

·        Oral feedback in online tutorials and during consultations

·        Written comments, where relevant, will be included in the assignments returned to students.

·        Online feedback through the Wattle course site, especially in the Discussion Forum

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

Course description

This is a class about macroeconomics; that is, the economy as a whole. It differs from micro- economics which focuses on components of the economy. And it also differs from micro- economics in assuming that the whole of an economy may not always behave like the sum of the parts, especially in the short-run. Key macroeconomic policy and economic questions and ideas we will cover include: National Income Accounting; economic productivity and growth across a national or regional economy; management of the business cycle through fiscal and monetary policy tools; Aggregate Demand and Aggregate Supply models; and tools to measure and monitor a macro-economy. This course will take an economic history approach, starting by looking at the Great Depression of the 1930s (which rightfully can be said to have given birth to the field) and going on to other key historical episodes up to the present day as illustrations of macroeconomics in practice. We will also examine the way macroeconomic thought has evolved, especially in response to real-world events. Macroeconomics is very much a field in which failure of models in the field often leads to rather quick re-thinking and re-formulation of ideas.

Course delivery

The Pass component of Macroconomics 1 (ECON1102) consists on three hours of lecture and a one-hour tutorial per week (see the timetable for details on dates, times and locations). Tutorial meetings start in week 2 (See tutorial registration details below).

•      Lectures: It is expected that students attend lectures whenever possible and come prepared to them. The handouts for each topic (primarily PPTs) will be available before the lectures in Wattle. The relevant references are included in the last page.

•      Tutorials. It is expected that students prepare for tutorials in advance and come ready to answer questions about the problems assigned for each week's tutorial. The details about tutors are available in the contacts section and more detailed information about tutorials can be found in the folder “Tutors and tutorials” in Wattle.

Co-Teachning

Please contact the administrative office for further guidance.

Announcements

Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations. Notifications of emergency cancellations of lectures or tutorials will be posted on the door of the relevant room.

Additional Assessment Information

As a further academic integrity control, students may be selected for a 15-minute individual oral examination of their written assessment submissions.

Any student identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Misconduct Rule.

 

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Unless otherwise specified, chapter numbers refer to the Holden, Stevenson & Wolfers textbook (the textbook). For some topics additional sources may be considered. These will be made available to you on Wattle.This course summary is indicative only. Depending on how the course progresses, the weighting of some topics may change and some topics may be dropped or added.Introduction and Measuring the Economy (Ch 9)	Lecturer: Associate Professor Timothy Kam
2	The Labour Market and Unemployment (Ch 11)	Lecturer: Associate Professor Timothy Kam
3	Money and Inflation (Ch 12)	Lecturer: Dr Elena Capatina - In tutorial quiz 1
4	Economic Growth (Ch 10 from the textbook and Ch 7 from Cowen/Tabarrok)	Lecturer: Dr Elena Capatina
5	Economic Growth Cont'd (Ch 10 from the textbook and Ch 8 from Cowen/Tabarrok)	Lecturer: Dr Elena Capatina - In tutorial quiz 2
6	Consumption and Saving (Ch 13)	Lecturer: Professor Rabee Tourky - In tutorial quiz 3
7	Investment and the Financial Sector (Chs 14 & 15)	Lecturer: Associate Professor Sephorah Mangin
8	The Financial Sector Cont'd and International Finance (Chs 15 & 16)	Lecturer: Associate Professor Sephorah Mangin - In tutorial quiz 4
9	Tracking the Business Cycle & The IS-MP Framework (Chs 17 & 18)	Lecturer: Dr Timo Henckel
10	The IS-MP Framework Cont'd and The Phillips Curve (Chs 18 & 19)	Lecturer: Dr Timo Henckel - In tutorial quiz 5
11	The RBA Model and AS-AD (Chs 20 & 21)	Lecturer: Professor Rabee Tourky
12	Overview	Head tuor Tunye Qiu
13	Examination Period	Final Exam

Tutorial Registration

All tutorials will be delivered on-campus face-to-face. ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage: https://www.anu.edu.au/students/program-administration/timetabling.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
In Tutorial Quizzes	20 %	*	*	2,3,4,5
Midterm Exam	20 %	16/09/2024	23/09/2024	2,3,4,5
Final Examination	60 %	*	*	1,2,3,4,5

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Extenuating Circumstances Application
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.

Participation

Lectures will be delivered in person. Ordinarily, recordings of the lectures will be made available on Echo360. Please note, however, that recordings are not designed as a substitute for lecture attendance. In particular, the quality may not always be perfect, and certain parts of the lecture, such as anything written on the whiteboard, will not be captured in the recording.

Tutorials will be held in person, face-to-face. Tutorials are not recorded.

Students taking this course are expected to commit at least 11 hours a week to completing the work. This will include:

·        3-4 hours a week: lecture

·        1 hour a week: tutorial

·        Approx. 6 hours a week (including the non-teaching break): reading, research, writing, lecture and tutorial preparation

It bears repeating: attendance at all teaching events, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (b).

Examination(s)

Please see information above, under assessments.

Assessment Task 1

In Tutorial Quizzes

20%, non-compulsory & redeemable

There will be 5 in-tutorial quizzes. Each quiz will consist of 10 multiple choice questions and will be given at the last 20 minutes of the tutorials in week 3 (covering weeks 1 and 2), week 5 (covering weeks 3 and 4), week 6 (covering weeks 5), week 8 (covering weeks 6, 7) and week 10 (covering weeks 8 and 9). At least one quiz result will be returned before the census date. 

Assessment Task 2

Midterm Exam

20%, compulsory & non-redeemable

There will be one mid-term exam, testing the entire material covered in the first five weeks. The exam will probably be 90 minutes long including the reading time. The exact time will be announced as soon as practical to avoid any clashes with other midterm examinations. The midterm exam will be a mix of multiple choice, short-answer, and long-answer type of questions. It will be delivered in person in Week 6 or 7. Further details about the exam will be provided by the end of week 4.

Assessment Task 3

Final Examination

60%, compulsory & non-redeemable

Probably 3 hours

The final exam will be a closed-book exam; the only permitted material will be a non-programmable calculator. It will test the entire material covered throughout the semester.

The format of the final exam, which will probably be 3 hours long, has not yet been determined. Most likely, it will consist of two parts. The first part contains multiple choice questions (MCQ). The second part contains a combination of “short answer” questions (SAQ) that typically focus on a single concept and "long answer" questions (LAQ). Good answers to SAQs range from a couple of sentences to approx. half a page, rarely longer. LAQs, which typically have several sub-questions, test your technical skills as well as your general understanding, intuition and knowledge of macroeconomics.

Answers on exams should be clear, neat, relevant and concise. Further detailed information about the exam will be provided by the end of week 10.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.

 

The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

N/A

Hardcopy Submission

N/A

Late Submission

N/A

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material. Any use of artificial intelligence must be properly referenced. Failure to properly cite use of Generative AI will be considered a breach of academic integrity.

Returning Assignments

N/A

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

N/A

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

• ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
• ANU Accessibility for students with a disability or ongoing or chronic illness
• ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
• ANU Academic Skills supports you make your own decisions about how you learn and manage your workload.
• ANU Counselling promotes, supports and enhances mental health and wellbeing within the University student community.
• ANUSA supports and represents all ANU students