ECON 3523 - Advanced Economic Analysis III

North Terrace Campus - Semester 2 - 2015

This is a course in macroeconomics that focuses on applying analytical techniques and research skills. Enrolment is restricted to the BEc (Adv) students. By the end of the course, the students will have an introduction to the advanced treatment of and research in macroeconomic theory and will be able to apply theory to standard macroeconomic problems in open economy models, advanced analysis of the role of wealth, expectations, and monetary and fiscal policy.

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Course Details

Course Code	ECON 3523
Course	Advanced Economic Analysis III
Coordinating Unit	Economics
Term	Semester 2
Level	Undergraduate
Location/s	North Terrace Campus
Units	3
Contact	Up to 4 hours per week
Available for Study Abroad and Exchange	Y
Prerequisites	ECON 2512; ECON 2507
Incompatible	ECON 3514
Assumed Knowledge	ECON 2506; ECON 2503
Restrictions	Only available to B.Ec (Advanced) students
Assessment	Typically, 30% assignments, 20% mid-term test, 50% final exam

Course Staff

Course Coordinator: Dr Jacob Wong

Course Timetable

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

Course Learning Outcomes

After successfully participating in this course student will be able to:

1 Understand the the macroeconomic underpinnings of welfare economics

2 Make a welfare-economic argument

3 Evaluate the validity of welfare-economic arguments

4 Be familiar with welfare economic concepts (such as allocative efficiency, social welfare, etc.)

5 Use dynamic optimization tools to aid in the thought of intertemporal trade-offs faced at the individual and aggregate levels

6 Appreciate how numerical methods can help macroeconomists think about economic data

7 Research and write concise comments on welfare-economic topics

8 Complete a group research project and communicate the findings

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.	1-6
The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner.	2,3,4,8
An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems.	7,8
Skills of a high order in interpersonal understanding, teamwork and communication.	8
A proficiency in the appropriate use of contemporary technologies.	6
A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life.	1-6
A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community.	7
An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities.	1-4

Learning Resources

Required Resources

Course material will be available on the course MyUni website.
Learning & Teaching Activities

Learning & Teaching Modes

The course will use a wide variety of learning modes. Lectures may vary between core lectures and research-training oriented workshops. While the core lectures provide the academic economics knowledge, the workshops provide hands on experience with research.

Workload

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 atotal of 48 hours per week to their studies. This translates to 12 hours per week for a semester course. Students should expect to spend at least 4 to 8 hours per week reading core material and working through problem sets.

Learning Activities Summary

A tentative outline includes:

1) Dynamic Optimization
2) Solving Optimization Problems Using Numerical Methods
3) Consumption and Saving Under Uncertainty
4) Consumption Insurance and Welfare
5) Markets and Redistribution

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

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

Assessment Summary

The tentative assessment scheme is:

Assignments: 50%
Final Exam/Project: 50%

Assessment Detail

Assignments/Problem Sets: Each student is to submit his/her own copy of the homework assignments. However, you are strongly encouraged to work in small groups in order to learn from each other. No late homework will be accepted and there will be no make-up assignments. Assignments may vary in nature (possibly requiring use of computers).

Final Exam/Project: In the case that the course assessment involves a research project, each student will be expected to work individually on their own project.

Submission

In the case that the course assessment involves an individual research project, it is expected that the submission date for the project will be Friday, November 20, 2015.

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
This section contains links to relevant assessment-related policies and guidelines - all university policies.
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.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator