ECON 7100 - International Finance IV

North Terrace Campus - Semester 2 - 2018

This course introduces students to the core tools and themes of open-economy business-cycle theory. The objectives of the course are to enable students to: i) critically evaluate the relevant models and empirical works in open-economy macroeconomics, and ii) apply these analytical tools themselves to investigate topical issues in international macroeconomics.

  • General Course Information
    Course Details
    Course Code ECON 7100
    Course International Finance IV
    Coordinating Unit School of 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
    Incompatible ECON 4016
    Assumed Knowledge ECON 7044
    Restrictions Available to MAppEc, MAdvEc & MHealthEcPol students only
    Course Description This course introduces students to the core tools and themes of open-economy business-cycle theory. The objectives of the course are to enable students to: i) critically evaluate the relevant models and empirical works in open-economy macroeconomics, and ii) apply these analytical tools themselves to investigate topical issues in international macroeconomics.
    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. Describe and interpret business cycles facts around the world.

    2. Describe and apply a variety of modelling approaches to the current account, net capital flows and exchange rates determination.

    3. Construct and apply Dynamic Stochastic General Equilibrium (DSGE) macroeconomic models to investigate a range of issues in open economy 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)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1-3
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    1-3
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    1-3
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1-3
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • Able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    1-3
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    1-3
  • Learning Resources
    Required Resources

    Open Economy Macroeconomics, by Uribe and Schmitt-Grohe, 2017, Princeton University Press.  

    Recommended Resources

    The following texts are useful for reference purposes:

    - Foundations of International Macroeconomics, by Obstfeld and Rogoff, 1996, MIT Press.

    - Open Economy Macroeconomics, by Carlos Vegh, 2013, MIT Press.

    Online Learning
    This course makes use of MyUni and you are required to check the website regularly.

    https://myuni.adelaide.edu.au/webapps/login/
  • Learning & Teaching Activities
    Learning & Teaching Modes

    Typically, the course includes assignments, tutorial discussions and presentations. The students may be required to read journal articles and make presentation of the key methodology and results.

    Workload

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

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

    The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This translates to 12 hours per week for a semester course.

    Students will be actively engaged to discuss key issues and economic models in open-economy macroeconomics. They may be required to read seminal papers and present at tutorials. Students may also be required to solve models numerically and relate the results to key issues.
    Learning Activities Summary
    Students will be introduced to key facts, concepts and models of open-economy macroeconomics.

    Students will also develop the necessary analytical skills for model applications.

    A tentative outline may include the following topics:

    - Business cycle facts around the world

    - An open endowment economy

    - An open economy with capital

    - The open-economy real-business-cycle model

    - Business cycles in emerging countries: productivity shocks versus financial frictions

    - Interest rate shocks

    - Importable goods, exportable goods and the terms of trade
  • 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
                      
          
    Participation:   10%
    Mid-term:   40%
    Research Project: 
    50%
    Assessment Related Requirements


    Assessment Detail
    Students need to demonstrate their ability to understand and articulate key issues in open-economy macroeconomics. Students may be required to solve analytical and numerical models with reference to real issues.
    Submission
    Submission of assignments as per instructions on MyUni.
    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 (http://www.adelaide.edu.au/policies/101/) 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.

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