ECON 2507 - Intermediate Macroeconomics II

North Terrace Campus - Semester 1 - 2018

The first year Principles of Economics course provided a broad overview of macroeconomics. In this course, the aim is to delve a little deeper into the subject. Macroeconomics is concerned with the behaviour of the economy as a whole. In particular it addresses the big issues which affect us on a day to day basis. As macroeconomists we want to know why some countries grow more quickly than others, why some experience high inflation while others have stable prices and why all countries experience recessions and booms. Furthermore, we want to know if government policy can have an impact on these factors. The aim of this course is to provide these tools and give a deeper understanding of these issues. It is intended that this course leads on from the first year Principles of Economics course and provides a smooth transition for those intending to pursue macroeconomics in later years.

  • General Course Information
    Course Details
    Course Code ECON 2507
    Course Intermediate Macroeconomics II
    Coordinating Unit School of Economics
    Term Semester 1
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites ECON 1005 or ECON 1010 or equivalent
    Incompatible ECON 2011
    Assumed Knowledge ECON 1012 or ECON 1000
    Course Description The first year Principles of Economics course provided a broad overview of macroeconomics. In this course, the aim is to delve a little deeper into the subject. Macroeconomics is concerned with the behaviour of the economy as a whole. In particular it addresses the big issues which affect us on a day to day basis. As macroeconomists we want to know why some countries grow more quickly than others, why some experience high inflation while others have stable prices and why all countries experience recessions and booms. Furthermore, we want to know if government policy can have an impact on these factors.
    The aim of this course is to provide these tools and give a deeper understanding of these issues. It is intended that this course leads on from the first year Principles of Economics course and provides a smooth transition for those intending to pursue macroeconomics in later years.
    Course Staff

    Course Coordinator: Professor Mark Weder

    Semester 1 & 2
    Mark Weder
    mark.weder@adelaide.edu.au
    Room: 3.23, Level 3, Nexus Building, 10 Pulteney Street, Adelaide, 5000
    Office Hours: To be confirmed
    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. Relate basic macroeconomic theory and principles to current macroeconomic issues.
    2. Apply basic macroeconomic theory to analyse macroeconomic policies.
    3. Construct and present an argument by applying theoretical concepts that economists use in their deliberations.
    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
    Recommended Resources
    Charles Jones Macroeconomics (4th edition, older versions should be ok).
    Online Learning
    All additional material will be posted on the course MyUni website.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Students will be required to understand material as covered in the course lectures as well as additional assigned readings. Problem sets will reinforce key concepts covered in course lectures.
    Workload

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

    Students in this course are expected to attend all lectures throughout the semester plus one tutorial class each week. Students are also expected to commit approximately 8 to 10 hours to private study, that is, study outside of your regular classes.
    Learning Activities Summary
    Teaching & Learning Activities Related Learning Outcomes
    Lectures 1,2,3
    Tutorials 1,2,3

    Lecture Schedule

    Part I. The long run

    1) An Overview of Long-Run Economic Growth
    2) A Model of Production
    3) The Solow Growth Model
    4) Growth and Ideas
    5) The Labor Market, Wages, and Unemployment
    6) Inflation

    Part 2 — The short run
    7) An Introduction to the Short-Run
    8) The Great Recession: A First Look
    9) The IS Curve
    10) Monetary Policy and the Phillips Curve
    11) Stabilization Policy and the AS/AD Framework
    12) The Great Recession and the Short-Run Model
    13) DSGE Models: The Frontier of Business Cycle Research

    Part 3 — Applications and microfoundations
    14) Consumption **
    15) Investment **
    16) The Government and the Macroeconomy **



    ** Order of material to be covered in class is tentative and subject to change.

  • 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
    Assessment Task Due Date/ Week Weight Length(Word,Time) Learning Outcomes
    Individual Assignments See MyUni 20% N/A 1,2,3
    Mid-term Exam See MyUni 30% 1 hour 1,2,3
    Final Exam Exam period 50% 2 hours 1,2,3
    Total 100%
    Assessment Detail

    The midterm exam will occur in class some time around Week 4 to 7. The exact date will depend on material covered in lectures.

    There will not be a make-up mid-semester exam. Those who miss the mid-semester exam must obtain documentation in line with university regulations in order to avoid a grade of zero on the mid-semester exam or assignment. For those who miss the mid-semester exam and obtain accepted documentation the relevant weight will be added to the weight of the final exam in determining the overall grade for the course.

    The final exam will be 2 hours in length.

    Please note that, following University policy, dictionaries are not allowed in School of Economics exam.

    Submission
    Procedure of assignment submission will be detailed in class and may be posted on the course MyUni website.
    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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