Program Overview
ECON3011 – Macroeconomic Policy
Unit Description
This unit further develops macroeconomic models with a focus on key contemporary policy and operational issues such as variable inflation rates, interest rates, alternative monetary policy frameworks, fiscal policy constraints, climate change, understanding financial crises, financial regulation, and cryptocurrencies. Students develop an understanding of the factors behind these issues and how key policy institutions such as the RBA, APRA, and Treasury seek to address them.
General Information
- Unit Convenor and Teaching Staff: Natalia Ponomareva and David Orsmond
- Credit Points: 10
- Prerequisites: ECON2004 or ECON204
- Corequisites: None
- Co-badged Status: None
- Unit Description: As described above
Learning Outcomes
On successful completion of this unit, students will be able to:
- Analyse and explain macroeconomic policy within a general framework.
- Appraise how monetary and fiscal policies are determined in the context of the current economic environment.
- Critically evaluate the effectiveness of current macroeconomic policy in achieving its stated goals.
General Assessment Information
- Late Assessment Submission Penalty: A 5% penalty (of the total possible mark) will be applied each day a written assessment is not submitted, up until the 7th day (including weekends). After the 7th day, a grade of '0' will be awarded even if the assessment is submitted.
- Submission Time for Written Assessments: 11:55 pm with a 1-hour grace period for technical concerns.
Assessment Tasks
- Formal and Observed Learning: Test (25%, No hurdle, Due: 8 April)
- Formal and Observed Learning: Exam (50%, No hurdle, Due: Formal examination period)
- Professional Practice: Report (25%, No hurdle, Due: 12 May)
Delivery and Resources
Classes
- Pre-recorded learning material will be posted on iLearn each week.
- A 2-hour face-to-face class each Tuesday, 4-6 pm.
Required and Recommended Texts and/or Materials
- The prescribed text for the unit is Charles Jones, Macroeconomics International Student Edition, 6th edition.
- Up-to-date commentaries and data on the Australian economy can be found in the Reserve Bank of Australia Bulletin and the Department of the Treasury Economic Roundup.
Unit Schedule
| Week | Topics |
|---|---|
| 1 | Introduction, issues in macroeconomic policies. Trends and Cycles in Macroeconomic Data. |
| 2 | Economic Shocks and Short-Run Fluctuations in Economic Activity. |
| 3 | Contemporary Monetary Policy. The Operating Procedures of the Reserve Bank of Australia and Inflation Targeting. |
| 4 | Stabilization Policy and the AS/AD Framework. Policy trade-offs. |
| 5 | The Global Financial Crisis. |
| 6 | Financial Crises (taught by David Orsmond). |
| 7 | Class Test |
| 8 | Financial Regulation (taught by David Orsmond). |
| 9 | Consumption and inequality. |
| 10 | Fiscal Policy and Government Debt. |
| 11 | Exchange Rate Regimes and Macroeconomic Policy. |
| 12 | Economic Growth and its Determinants. |
| 13 | Cryptocurrencies. Macroeconomic Policy: The Current Consensus and Unresolved Issues. |
Policies and Procedures
- Academic Appeals Policy
- Academic Integrity Policy
- Academic Progression Policy
- Assessment Policy
- Fitness to Practice Procedure
- Assessment Procedure
- Complaints Resolution Procedure for Students and Members of the Public
- Special Consideration Policy
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct.
Academic Integrity
At Macquarie, academic integrity is at the core of learning, teaching, and research.
Student Support
Macquarie University provides a range of support services for students, including academic success resources, library support, IT support, accessibility and disability support, mental health support, and social support.
Changes from Previous Offering
The assessment structure was adjusted to comply with the new university policies.