ECON 2507 - Intermediate Macroeconomics II

North Terrace Campus - Semester 1 - 2021

The first year Principles of Economics course provided a broad overview of macroeconomics. In this course, the aim is to delve a little deeper into the subject. Macroeconomics is concerned with the behaviour of the economy as a whole. In particular it addresses the big issues which affect us on a day to day basis. As macroeconomists we want to know why some countries grow more quickly than others, why some experience high inflation while others have stable prices and why all countries experience recessions and booms. Furthermore, we want to know if government policy can have an impact on these factors. The aim of this course is to provide these tools and give a deeper understanding of these issues. It is intended that this course leads on from the first year Principles of Economics course and provides a smooth transition for those intending to pursue macroeconomics in later years.

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Course Details

Course Code	ECON 2507
Course	Intermediate Macroeconomics II
Coordinating Unit	Economics
Term	Semester 1
Level	Undergraduate
Location/s	North Terrace Campus
Units	3
Contact	Up to 3 hours per week
Available for Study Abroad and Exchange	Y
Prerequisites	ECON 1005 or ECON 1010 or equivalent
Assumed Knowledge	ECON 1012 or ECON 1000
Assessment	Typically, mid-Semester test and final exam

Course Staff

Course Coordinator: Dr Jacob Wong

Office hours: See MyUni

Office location: Nexus 10, Level 3, Room 3.28

Telephone: 08 83135500

Preferred method of contact: E-mail.

Course Timetable

The full timetable of all activities for this course can be accessed from Course Planner.

Course Learning Outcomes

On successful completion of this course, students will be able to:

Relate basic macroeconomic theory and principles to current macroeconomic issues.
Apply basic macroeconomic theory to analyse macroeconomic policies.
Present arguments while viewing the world through simple, internally consistent economic models
Articulate the benefits and the caveats of an argument that is relies on a specific economic theory

University Graduate Attributes

This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

University Graduate Attribute	Course Learning Outcome(s)
Deep discipline knowledge informed and infused by cutting edge research, scaffolded throughout their program of studies acquired from personal interaction with research active educators, from year 1 accredited or validated against national or international standards (for relevant programs)	3,4
Critical thinking and problem solving steeped in research methods and rigor based on empirical evidence and the scientific approach to knowledge development demonstrated through appropriate and relevant assessment	1-4
Teamwork and communication skills developed from, with, and via the SGDE honed through assessment and practice throughout the program of studies encouraged and valued in all aspects of learning	3,4
Career and leadership readiness technology savvy professional and, where relevant, fully accredited forward thinking and well informed tested and validated by work based experiences	1-4

Learning Resources

Required Resources

None - Class notes to be provided.

Recommended Resources

N. Gregory Mankiw - Macroeconomics (Worth Publishers). Recent edition(s).
Blanchard & Sheen - Macroeconomics, Australasian Edition (Pearson). 4th edition

Online Learning

All additional material will be posted on the course MyUni website.
Learning & Teaching Activities

Learning & Teaching Modes

Reading Material:
Required reading will be posted on MyUni to introduce the concepts that we will discuss during the lecture videos. You are expected to have read and understood the material BEFORE attending tutorials so that time can be allocated efficiently when exploring these concepts further.

Lectures:
Lectures videos will complement class readings to provide you with the necessary understanding of the material needed to solve the exercises you will be given for assignments or exams. Examples will be used to illustrate the concepts presented in this course.

Tutorials:
Tutorials will cover additional exercises which address similar problems as discussed in lectures. It will clarify the expectations set for exams and assignments.

Assignments:
These problem sets will reinforce key concepts covered in course lectures, and will give a good indication of how the mid-term and the final exam are constructed.

Workload

The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

Students in this course are expected to attend all lectures throughout the semester plus one tutorial class each week. Students are also expected to commit approximately 8 to 10 hours to private study, that is, study outside of your regular classes.

Learning Activities Summary

Teaching & Learning Activities Related Learning Outcomes

Lectures 1,2,3

Tutorials 1,2,3

Lecture Schedule:

Part 1 — The Short Run

1) Constructing a Simple Model of Aggregate Supply
1a) Wages, Employment, Inflation and Income
2) Constructing a Simple Model of Aggregate Demand
2a) Interest Rates, Inflation and Income
3) Putting Supply and Demand Together

Part 2 - The Long Run
1) An Overview of Long-Run Economic Growth
2) A Model of Production
3) The Solow Growth Model

Part 3 — Dynamics and Expectations

** Order of material to be covered in class is tentative and subject to change.

The University's policy on Assessment for Coursework Programs is based on the following four principles:

Assessment must encourage and reinforce learning.
Assessment must enable robust and fair judgements about student performance.
Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
Assessment must maintain academic standards.

Assessment Summary

The assessment structure is the following:

Assessment Task	Due Date/ Week	Weight	Length(Word,Time)	Learning Outcomes
Midterm Exam	Prior to Week 6	40%	1 to 2 hours	1,2,3
Final Exam	Exam period	60%	2 hours	1,2,3
Total		100%

Assessment Detail

To gain a pass, a total of at least 50% overall must be obtained.

The midterm exam will occur in class some time prior to Week 6. The exact date will depend on material covered in lectures.

Those who miss the mid-semester exam must obtain documentation that satisfies university regulations in order to avoid a grade of zero on the mid-semester exam or assignment. A make-up assessment will only be offered to those who miss the mid-semester exam and obtain accepted documentation.

The length of assessments will be announced on the course website. The midterm is expected to be either an hour or two hours in duration. The final exam is expected to be approximately two hours in duration.

Please note that, following University policy, dictionaries are not allowed in School of Economics exam.

Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process, and may affect marks. Marks cannot be awarded for answers that cannot be read or understood.

See MyUni for further information on assessment details.

Submission

See MyUni for further details on submission.

Course Grading

Grades for your performance in this course will be awarded in accordance with the following scheme:

M10 (Coursework Mark Scheme)
Grade	Mark	Description
FNS		Fail No Submission
F	1-49	Fail
P	50-64	Pass
C	65-74	Credit
D	75-84	Distinction
HD	85-100	High Distinction
CN		Continuing
NFE		No Formal Examination
RP		Result Pending

Further details of the grades/results can be obtained from Examinations.

Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

Final results for this course will be made available through Access Adelaide.

Additional Assessment

If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.

Student Feedback

The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
Student Support
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
Fraud Awareness

Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator