ECOS3007: Semester 1, 2023

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Units ECOS3007 Semester 1 2023 [Normal day]

Unit outline_

ECOS3007: International Macroeconomics

Semester 1, 2023 [Normal day] - Remote

Overview

This unit studies macroeconomic theory and policy in a global trading world. The microfoundations of the various sectors are examined in the context of an open economy. The evolution of international money and capital markets is described, the operation of the foreign exchange market is examined, showing how its microstructure affects its macro performance. Theories and tests of the efficiency of international capital markets are surveyed, as well as core theories and tests of exchange rate and asset price determination. The unit develops the macroeconomic implications of monetary and fiscal policies for small and large open economies for different regimes.

Unit details and rules

Academic unit	Economics
Credit points	6
Prerequisites ?	ECOS2002 or ECOS2902 or ECOS2040
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Denny Lie, denny.lie@sydney.edu.au

Type	Description	Weight	Due	Length
Monitored exam ?	Final exam Online exam	50%	Formal exam period	2 hours
Outcomes assessed:
Small continuous assessment	Online quizzes n/a	20%	Multiple weeks	10-20 questions
Outcomes assessed:
Monitored test ?	Mid-semester test Online test	30%	Week 08 Due date: 20 Apr 2023 at 15:00	1 hour
Outcomes assessed:

Assessment summary

Detailed information for each assessment can be found in the Canvas site for this unit.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy (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; National income accounting, and the balance of payments	Lecture and tutorial (3 hr)
Week 02	Exchange rates and the foreign exchange market	Lecture and tutorial (3 hr)
Week 03	Money, interest rates, and exchange rates	Lecture and tutorial (3 hr)
Week 04	Price levels and the exchange rate in the long run	Lecture and tutorial (3 hr)
Week 05	Output and the exchange rate in the short run, Part 1	Lecture and tutorial (3 hr)
Week 06	Output and the exchange rate in the short run, Part 2	Lecture and tutorial (3 hr)
Week 07	Fixed exchange rates and foreign exchange intervention	Lecture and tutorial (3 hr)
Week 09	Financial globalization: Opportunity and crisis	Lecture and tutorial (3 hr)
Week 10	COVID-19 and open-economy macroeconomics	Lecture and tutorial (3 hr)
Week 11	Introduction to quantitative analysis (QA)	Lecture and tutorial (3 hr)
Week 12	QA1: Closed economy	Lecture and tutorial (3 hr)
Week 13	QA2: Open economy	Lecture and tutorial (3 hr)

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.

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. demonstrate openness to new ways of thinking and appreciate the importance of intellectual curiosity and reflection as the foundation for continuous learning
LO2. demonstrate a capacity to work independently
LO3. critically evaluate underlying theories, concepts, assumptions, limitations and arguments in economics
LO4. develop coherent arguments when recommending solutions and critically evaluating theories in economics
LO5. understand the theoretical models that form the body of contemporary international macroeconomics
LO6. understand and apply international macroeconomic models to various economic problems and issues
LO7. understand the associated empirical implications and policy issues

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.

The materials in the last three sessions (quantitative analysis) have been thoroughly updated based on student feedback.

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

Study commitment

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

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