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Unit outline_

ECOS4202: Advanced Macroeconomic Policy

Semester 2, 2020 [Normal day] - Camperdown/Darlington, Sydney

This unit of study aims to provide students with advanced theoretical knowledge and skill sets for analysing macroeconomic policy issues and practice in Australia and internationally from both a historical and contemporary perspective. This unit introduces a set of modern macroeconomic models that provide insights into policy debates and can also be used for analysing contemporary government policies. Examples will be drawn from various policies not just within Australia, but also from countries and regions such as the US, Asia, South America and Europe.

Unit details and rules

Academic unit Economics
Credit points 6
Prerequisites
? 
ECOS3997 or ECON3999 or ECON3998
Corequisites
? 
None
Prohibitions
? 
ECOS3902 or ECON4902 or ECON4910 or ECON4915
Assumed knowledge
? 

None

Available to study abroad and exchange students

No

Teaching staff

Coordinator David Kim, kim.david@sydney.edu.au
Lecturer(s) David Kim, kim.david@sydney.edu.au
Type Description Weight Due Length
Final exam (Open book) Type C final exam Final Exam
Exam
50% Formal exam period 1.5 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Assignment Analytical Report
Analysing a set of problems theoretically and empirically
25% Week 07
Due date: 16 Oct 2020 at 23:59
1250 words
Outcomes assessed: LO1 LO2
Assignment Policy Research Essay
Take-home
25% Week 11
Due date: 13 Nov 2020 at 23:59
1250 words
Outcomes assessed: LO3 LO4 LO5
Type C final exam = Type C final exam ?

Assessment summary

Policy Research Essay

Assessment criteria

Result name

Mark range

Description

High distinction

85 - 100

To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at an exceptional standard as defined by grade descriptors or exemplars established by the faculty.

Distinction

75 - 84

To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at a very high standard as defined by grade descriptors or exemplars established by the faculty. 

Credit

65 - 74

To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at a good standard as
defined by grade descriptors or exemplars established by the faculty.

Pass

50 - 64

To be awarded to students who, in their performance in assessment tasks, demonstrate the learning outcomes for the unit at an acceptable standard as defined by grade descriptors or exemplars established by the faculty.

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.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

5% per day late

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.

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.

WK Topic Learning activity Learning outcomes
Week 01 Review of Key Concepts and Models for Policy Analysis Lecture and tutorial (3 hr) LO1
Week 02 Monetary Policy and Central Banking Lecture and tutorial (3 hr) LO1 LO2 LO3
Week 03 Fiscal Policy, Deficits and Debt Lecture and tutorial (3 hr) LO1 LO2 LO3
Week 04 Fiscal and Monetary Policy Interactions Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 05 Unconventional and Heterodox Views of Policy Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 06 Analysing Social Security Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 07 Policies for Long-run Growth Lecture and tutorial (3 hr) LO1 LO2 LO3
Week 08 Modern Financial Crises and Policy responses Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 09 Exchange rate policies Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4
Week 10 Understanding Policies for Developing Economies Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 11 Policy lessons for Australia's economic success and prosperity Lecture and tutorial (3 hr) LO3 LO4 LO5
Week 12 Unit Overview and Reflections Lecture and tutorial (3 hr) LO3 LO4 LO5

Attendance and class requirements

Students are expected to regularly attend and participate in all classroom activities. 

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

Two basic texts will be useful for understanding some theoretical concepts and models.

  1. Modern Macroeconomics, by Sanjay Chugh, MIT Press.
  2. Macroeconomics, by Stephen Williamson, Pearson (4th or later edition)

Other readings on policy issues and debates will be prescribed each week. 

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.

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

  • LO1. Understand the policy institutions and making of macroeconomic policy
  • LO2. Develop key theoretical models for analysing macroeconomic policy
  • LO3. Examine historical policy experiences in Australia and overseas
  • LO4. Critically appraise contemporary policy issues and debates
  • LO5. Develop deeper insights into macro policy and policy formulation for the future

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
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

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

This is the first offering of the 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.