Outline

Overview

Introductory Macroeconomics addresses the analysis of the level of employment and economic activity in the economy as a whole. Introductory Macroeconomics examines the main factors that determine the overall levels of production and employment in the economy, including the influence of government policy and international trade. This analysis enables an exploration of money, interest rates and financial markets, and a deeper examination of inflation, unemployment and economic policy. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.

Unit details and rules

Academic unit	Economics
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent).
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Aarti Singh, aarti.singh@sydney.edu.au
Lecturer(s)	James Morley, james.morley@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam	Final exam Online Set Formal Exam	50%	Formal exam period	2 hours
Outcomes assessed:
In-semester test	Mid-term exam (take home) Take home mid-semester exam	25%	Week 07 Due date: 08 Apr 2020 at 18:00	1 hour
Outcomes assessed:
In-semester test	Structured research essay exam Set Formal Exam Long Answer / Essay	25%	Week 10 Due date: 07 May 2020 at 18:00	1 hour
Outcomes assessed:

Assessment summary

Assessment Criteria

This unit uses standards-based assessment for award of assessment marks. Your assessments will be evaluated solely on the basis of
your individual performance.

1. Mid-term exam (Wednesday, April 8, 6-7 pm): The mid-term exam will be a closed book exam. It will have multiple choice questions and
analytical problems (either mathematical, descriptive or both) based on topics studied during the first half of the semester

2. Structured research essay exam (Thursday, May 7th, 6-7 pm): Students will be required to write a short essay under exam conditions
on a topic provided. Early in the semester, you will be provided a broad topic area to research. Then during the exam, you will be provided with a specific question (including stimulus material) related to this broad topic. The structured essay is also a closed-book exam.

3. Final exam (online, two hours during exam period, time to be announced centrally by the University Examinations Office). The
final exam will be a closed-book exam. It will have multiple choice questions, essay questions or analytical problems based on ALL
topics studied in the course. Questions will primarily come from the second-half of the course, but not exclusively. Note that past exams
are not necessarily a good guide as to the kinds of questions that will be asked.

The marking criteria for the essays include:

Was your argument logically developed, thorough and coherent?
Is your argument well-grounded in economic theories/models?
Have you addressed the question being asked? That is, have you answered it in a direct, succinct way without including unnecessary or irrelevant information?
Is your writing legible, readable and persuasive?
Has your essay made use, where relevant, of the tools an economist uses to make an argument clearly (e.g. diagrams, equations, references, statistical and other evidence to support statements and conclusions)?
Does your essay demonstrate significant research undertaken?

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a High distinction indicates work of an exceptional standard, a Distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100
Distinction	75 - 84
Credit	65 - 74
Pass	50 - 64
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction to macroeconomics. Measuring macroeconomic performance: output	Lecture (2 hr)
Week 02	Measuring macroeconomic performance: the price level. Measuring macroeconomic performance: savings, investment and wealth	Lecture (2 hr)
Week 02	Tutorial 1	Tutorial (1 hr)
Week 03	Measuring macroeconomic performance: wages, employment and the labour market. An introduction to short-term economic fluctuations	Lecture (2 hr)
Week 03	Tutorial 2	Tutorial (1 hr)
Week 04	Macroeconomics in the short-run: the basic Keynesian model	Lecture (2 hr)
Week 04	Tutorial 3	Tutorial (1 hr)
Week 05	Fiscal policy Money, prices and the Reserve Bank	Lecture (2 hr)
Week 05	Tutorial 4	Tutorial (1 hr)
Week 06	The Reserve Bank, monetary policy and the economy	Lecture (2 hr)
Week 06	Tutorial 5	Tutorial (1 hr)
Week 07	Tutorial 6	Tutorial (1 hr)
Week 08	Aggregate demand and aggregate supply. Macroeconomic policy	Lecture (2 hr)
Week 08	Tutorial 7: mid-term exam review	Tutorial (1 hr)
Week 09	An introduction to economic growth. The production function approach to growth	Lecture (2 hr)
Week 09	Tutorial 8	Tutorial (1 hr)
Week 10	Savings, capital formation and growth. The convergence hypothesis and empirical evidence	Lecture (2 hr)
Week 10	Tutorial 9	Tutorial (1 hr)
Week 11	Exchange rates and the open economy. Exchange rates and equilibrium fixed exchange rates	Lecture (2 hr)
Week 11	Tutorial 10	Tutorial (1 hr)
Week 12	The balance of payments	Lecture (2 hr)
Week 12	Tutorial 11	Tutorial (1 hr)
Week 13	Some global macroeconomic issues: what have we learnt? Overview, future study and career options, and evaluation	Lecture (2 hr)
Week 13	Tutorial 12	Tutorial (1 hr)

Attendance and class requirements

Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Required textbook: Bernanke, Ben; Olekalns, Nilss; Frank, Robert, Principles of Macroeconomics, 2019, 5th Edition (BOF).

We strongly encourage you to purchase the online, Connect Plus version of this textbool. This includes access to the publisher’s (McGraw Hill) online learning platform, “Connect” which provides you with additional learning resources such as case studies, graphing tools and additional questions. You also get an “ebook” version of the textbook that you can download onto an iPad, iPhone or similar device. The ebook comes with the publisher’s integrated “Adaptive Learning Program” which tests your understanding of the book as you read through it and can recognize how well you are progressing.

Please note that you can still purchase the physical version of the textbook if you wish. However, Connect Plus is about half the price of the physical textbook! Phyiscal copies of the textbook will also be made available in 2ht reserve in Fisher library.

Required readings

Lecture & Relevant text chapter & readings
Week 1: BOF Ch 1, 2 (2.1-2.4)
Week 2: BOF Ch 3, 4
Week 3: BOF Ch 2 (2.5), 5, 6
Week 4: BOF Ch 7
Week 5: BOF Ch 8, 9
Week 6: BOF Ch 10
Week 7: MID-TERM EXAM
Week 8: BOF Ch 11, 12
Week 9: BOF Ch 13, 14
Week 10: BOF Ch 15; STRUCTURED ESSAY EXAM
Week 11: BOF Ch 17
Week 12: BOF Ch 18
Week 13: BOF Ch 19

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. interpret the meaning and measurement of macroeconomic aggregates such as GDP, unemployment and inflation
LO2. understand how the economy behaves in the short-run using the Keynesian model
LO3. analyse critically short-run macroeconomic policies
LO4. describe the role of money and the financial system in the macroeconomy
LO5. explain and apply the aggregate demand/aggregate supply model
LO6. explain what determines unemployment and inflation
LO7. understand and explain key determinants of long term growth and macroeconomic policies that improve standards of living
LO8. analyse the factors influencing the balance of payments and the exchange rate
LO9. understand a day-by-day macroeconomic issue and critically evaluate current macroeconomic policies.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

We have updated the tutorials in response to student feedback since it was last taught by us.

Additional information

Unit Coordinator: Associate Prof. Aarti Singh
Location Room 605, Social Sciences Building (A02)
Email Address aarti.singh@sydney.edu.au
Phone +61 2 9351 5250
Consultation Hours Monday 4-5:30 (Weeks 1-7)

Unit Teacher Prof. James Morley
Location Room 607, Social Sciences Building (A02)
Email Address james.morley@sydney.edu.au
Phone +61 2 9351 3368
Consultation Hours Monday 4-5:30 (Weeks 8-13)

Site visit guidelines

There are no site visit guidelines for this unit.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Site visit guidelines

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ECON1002: Introductory Macroeconomics

Semester 1, 2020 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Site visit guidelines

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect