ECON 7086 - Advanced Macroeconomics V

North Terrace Campus - Semester 2 - 2015

This course presents an in depth analysis of modern macroeconomic theory. The course provides an advanced overview of the field as well as a rigorous analysis of the field's foundations. Students who do not necessarily intend to specialise in macroeconomics are thereby exposed to the most up to date theories, while those students who plan to pursue higher research in macro-economics are well equipped with the latest techniques and know how. Topics to be discussed typically include: Rational expectations, Dynamic analysis, Business cycles, Nominal rigidities, Monetary Policy.

  • General Course Information
    Course Details
    Course Code ECON 7086
    Course Advanced Macroeconomics V
    Coordinating Unit Economics
    Term Semester 2
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 4 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites ECON 7059 or ECON 7122
    Assessment Typically assignments, mid-semester exam, final exam, & presentation
    Course Staff

    Course Coordinator: Dr Nicolas Groshenny

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes
    On successful completion of this course students will be able to:

    1 Cross the gap between undergraduate textbooks in macroeconomics and the modern literature that features dynamic models built upon microeconomic foundations and rational expectations.
    2 Learn how to use key methodological tools in modern dynamic macroeconomics.
    3 Apply those tools to analyse practical questions in macroeconomics.
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1-3
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 1-3
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 1-3
    Skills of a high order in interpersonal understanding, teamwork and communication. 1-3
    A proficiency in the appropriate use of contemporary technologies. 1-3
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 1-3
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 1-3
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 1-3
  • Learning Resources
    Recommended Resources
    "Advanced Macroeconomics" by David Romer, 4th edition.

    ''Models for Dynamic Macroeconomics" by Fabio Bagliano and Giuseppe Bertola, Oxford University Press, 2004.

    "Economic Growth" by Robert Barro and Xavier Sala-i-Martin, 2nd edition.

    "Foundations of International Macroeconomics" by Maurice Obstfeld and Kenneth Rogoff, MIT Press, 1996.

    "Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework" by Jordi Gali, Princeton University Press, 2008.

  • Learning & Teaching Activities
    Learning & Teaching Modes
    • Lectures
    • Seminars (students presentations)
    • Final Exam (or Short Research Project)

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    12 hours per week:
    •   Lectures = 2 hours
    •   Seminars = 2 hours
    •   Personal study (including solving problem sets, reading papers and preparing class presentations) = 8 hours
    Learning Activities Summary
    The course outline below is tentative and indicative only. It is subject to changes at the sole discretion of the lecturer.

    1. Dynamic Consumption Theory

    2. Dynamic Models of Investment

    3. Economic Growth



  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary

    1. Midterm:   30%

    2. Presentation:   30%

    3. Final Exam (or Short Research Project):   40%

    Assessment Detail

    Each student will select a paper from a list that I will provide in due course, and will design a class presentation using a maximum of 15 slides.The presentation should  include the following components: 
       1) Statement of the issue/question;
       2) Description of the methodology;
       3) Description of the main results;
       4) Conclusion

    The student will present the material in class and will submit the presentation as part of the requirement. The grading will be based on the slides and on the class presentation.


    The midterm will be 2-hour closed book examination.

    Final Exam:

    The final exam will be a 2-hour closed book examination. The final exam will deal mainly with the material covered after the midterm.
    The date of the presentation of each student will agreed upon as we go along throughout the semester.

    The date of the midterm will be announced in due course, within the first two weeks of the semester. There will be no make-up midterm exam. Students who cannot take the midterm exam, for whatever reason, will have the grade of their final exam reweighted to account for 70% of their overall grade for that course.

    The date of the final exam will be announced in due course.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

    Additional Assessment
    If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.
  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy ( course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.