Program Overview

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Macquarie University

ECON3011 – Macroeconomic Policy

General Information

The unit convenor and teaching staff for ECON3011 is Convenor Jeffrey Sheen. This unit is worth 10 credit points and has prerequisites of ECON2004 or ECON204.

• 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.
• Important academic dates: Information about important academic dates, including deadlines for withdrawing from units, is available.

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 all written assessments is set at 11.55 pm, with a 1-hour grace period for technical concerns.

Assessment Tasks

The following assessment tasks are part of this unit:

• Professional Practice: Policy Evaluation (25%): A report that demonstrates analytical skills in evaluating economic issues and related macroeconomic policies.
• Formal and Observed Learning: Exam (50%): A 2-hour exam held during the University Examination period.
• Skills Development: Analytical tasks (25%): An 80-minute quiz that applies skills learned in the unit to solve economic structure and policy issues.

Professional Practice: Policy Evaluation

• Assessment Type: Report
• Indicative Time on Task: 20 hours
• Due: At 11:55 pm on Thursday, 30/10/2025, in Week 12
• Weighting: 25%
• Skills in focus: Discipline knowledge, problem-solving, critical thinking, work readiness
• Deliverable: Written report (max 1,600 words), individual assessment

Formal and Observed Learning: Exam

• Assessment Type: Examination
• Indicative Time on Task: 35 hours
• Due: In the final examination period in November
• Weighting: 50%
• The exam will demonstrate expertise gained in Economic Development.

Skills Development: Analytical tasks

• Assessment Type: Quiz/Test
• Indicative Time on Task: 15 hours
• Due: Week 7
• Weighting: 25%
• Skills in focus: Discipline knowledge, critical thinking
• Deliverable: 80 minutes Quiz, individual assessment

Delivery and Resources

• Classes: Pre-recorded learning material will be posted on iLearn before each session, with a 2-hour face-to-face class each Thursday from 1-3 pm.
• Recommended texts: There is no required textbook, but assumed knowledge includes an intermediate macroeconomics textbook.
• Useful readings and resources will be provided in the Unit Schedule and may include Reserve Bank of Australia publications, Department of the Treasury reports, and online data services.

Unit Schedule

The unit schedule includes topics such as:

• Weeks 1-2: Refresher on ISLM, AS-AD, Malthusian growth model, Solow growth model, Endogenous growth models
• Week 3: Low inflation/high inflation/disinflation
• Week 4: Secular stagnation, potential growth, technology, and inequality
• Week 5: Monetary policy frameworks – inflation targeting and alternatives
• Week 6: Links between fiscal policy and monetary policy – the government budget constraint, the fiscal theory of prices, hyperinflation
• Week 7: Mid-session test/quiz
• Week 8: The causes of financial crises and policy responses
• Week 9: Productivity growth: reasons for the decline and solutions for improvement
• Week 10: Digital money and the payments system; the future of cryptocurrencies, CBDCs
• Weeks 11-12: Official Australian and global economy reports

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of policies including:

• Academic Appeals Policy
• Academic Integrity Policy
• Academic Progression Policy
• Assessment Policy
• Fitness to Practice Procedure
• Complaints Resolution Procedure for Students and Members of the Public
• Special Consideration Policy

Academic Integrity

Macquarie University emphasizes academic integrity, providing resources for students to develop their skills and meet expectations.

Student Support

The university offers various support services, including:

• Academic Success
• The Library
• IT Support
• Accessibility and disability support
• Mental health support
• Safety support
• Social support
• Student Advocacy

Changes since First Published

• Date: 17/07/2025
• Description: Includes corrected mid-session test/quiz