ECON 2507 - Intermediate Macroeconomics II

North Terrace Campus - Semester 1 - 2020

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 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
    Assumed Knowledge ECON 1012 or ECON 1000
    Assessment Typically, mid-Semester test and final exam
    Course Staff

    Course Coordinator: Julia Puellbeck

    Office hours: See MyUni

    Office location: Nexus 10, Level 4, Room 4.22

    Telephone: 08 83135538

    Preferred method of contact: E-mail.
    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 models 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)
    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
    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
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
  • Learning Resources
    Required Resources
    None - Class notes to be provided.
    Recommended Resources
    N. Gregory Mankiw - Macroeconomics (Worth Publishers). Recent edition(s).
    Blanchard & Sheen - Macroeconomics, Australasian Edition (Pearson). 4th edition
    Online Learning
    All additional material will be posted on the course MyUni website.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Reading Material:
    Required reading will be posted on MyUni to introduce the concepts that we will discuss during the lecture. You are expected to have read and understood the material BEFORE coming to the workshop so that we can allocate our time more efficiently when exploring further these concepts.

    Lectures will provide you with the necessary understanding of the material needed to solve the exercises you will be given for assignments or exams. Examples will be used to illustrate the concepts presented in this course.

    Tutorials will cover additional exercises which address similar problems as discussed in lectures. It will clarify the expectations set for exams and assignments.

    These problem sets will reinforce key concepts covered in course lectures, and will give a good indication of how the mid-term and the final exam are constructed.

    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 A Model of Production
    2 The Solow Growth Model
    3 Growth and Ideas
    4 The Labor Market, Wages, and Unemployment
    5 Inflation
    Part II. The short run
    6 The IS Curve
    7 Monetary Policy and the Phillips Curve
    8 Stabilization Policy and the AS/AD Framework
    9 The Great Recession and the Short-Run Model
    10 DSGE Models: The Frontier of Business Cycle Research
    Part III. Applications and microfoundations
    11 Consumption **
    12 Investment **
    13 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
    Due to the current COVID-19 situation modified arrangements have been made to assessments to facilitate remote learning and teaching. Assessment details provided here reflect recent updates.

    The new assessment structure is the following:
    Assessment Task Due Date/ Week Weight Length(Word,Time) Learning Outcomes
    Online Assignments See MyUni 50% See MyUni 1,2,3
     Multiple Choice Online Midterm (Quiz) See MyUni 20% 1 hour 1,2,3
    Final Exam Exam period 30% 2 hours 1,2,3
    Total 100%
    Assessment Related Requirements
    To gain a pass, a total of at least 50% overall must be obtained.

    Important Notes on Assessments:
    1 - Failure to sit the midterm examination will result in receiving zero points. The grade of the final examination will then account for 70% of the overall grade. If a medical certificate is provided, the final examination will also count for 70% of the overall grade.

    2 - Assigments MUST be submitted online through MyUni. No other type of submission will be accepted.

    3 - Assessment marks prior to the final exam may be displayed on the course website. Students are encouraged to check their marks and notify the lecturer of any discrepancies.
    Assessment Detail

    Mid semester exam (Week 7) - 30%

    Date and time: During lecture, same location (50 minutes)

    This exam will assess all topics covered until then.

    It will consist of problem solving questions and short essay answer questions or multiple choice questions. Past mid semester test papers will be available on MyUni, for which no answers will be provided. You are however encouraged to talk about the past exams and their solutions between you or with myself during my office hours.

    Assignments - 30%

    Amount: 4 individual Assignments

    Assignments are to be submitted on time on MyUni, late submissions receive zero marks. Only the best 3 assignments will count towards the final grade. 

    Final Exam - 40%

    There will be a 2 hour exam. The final exam is comprehensive, i.e. it can cover ALL topics.
    Please note that, following University policy, dictionaries are not allowed in School of Economics exam.

    1 - Submission of assignments MUST be online through MyUni. Failure to submit an assignment on time will lead to a zero mark.

    2 - Extensions and alternative assessment conditions: It is your responsibility to contact the lecturer in the first 2 weeks of the semester to discuss extension or alternative assessment options. This applies to ALL students, included but not limited to those registered with the disability centre or the elite athletes program. Exceptional circumstances will be evaluated by your lecturer on a case-by-case basis and should be discussed whenever possible at least 48 hours before the due date.
    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.