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Unit of study_

ECON1002: Introductory Macroeconomics

Semester 1, 2021 [Normal day] - Camperdown/Darlington, Sydney

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

Unit code ECON1002
Academic unit Economics
Credit points 6
Prohibitions
? 
None
Prerequisites
? 
None
Corequisites
? 
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
Type Description Weight Due Length
Final exam (Open book) Type C final exam Final exam
The exam will be online, open book, and taken through Canvas
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO8 LO7 LO6 LO5 LO4 LO3 LO2
In-semester test (Open book) Type C in-semester exam Mid-Semester Exam # 1
Online exam
25% Week 07
Due date: 21 Apr 2021 at 09:00

Closing date: 21 Apr 2021
1 hour
Outcomes assessed: LO1 LO8 LO7 LO6 LO5 LO4 LO3 LO2
In-semester test (Open book) Type C in-semester exam Mid-Semester Exam # 2
Online exam
25% Week 10
Due date: 12 May 2021 at 18:00

Closing date: 12 Feb 2021
2 hours
Outcomes assessed: LO1 LO8 LO7 LO6 LO5 LO4 LO3 LO2
Type C final exam = Type C final exam ?
Type C in-semester exam = Type C in-semester exam ?
Type C in-semester exam = Type C in-semester exam ?

Assessment summary

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 sydney.edu.au/students/guide-to-grades

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.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

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 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)  
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)  
Tutorial 2 Tutorial (1 hr)  
Week 04 Macroeconomics in the short-run: the basic Keynesian model Lecture (2 hr)  
Tutorial 3 Tutorial (1 hr)  
Week 05 Fiscal policy Money, prices and the Reserve Bank Lecture (2 hr)  
Tutorial 4 Tutorial (1 hr)  
Week 06 The Reserve Bank, monetary policy and the economy Lecture (2 hr)  
Tutorial 5 Tutorial (1 hr)  
Week 07 Mid term exam Lecture (2 hr)  
Tutorial 6 Tutorial (1 hr)  
Week 08 Aggregate demand and aggregate supply. Macroeconomic policy Lecture (2 hr)  
Tutorial 7: Midterm exam review Tutorial (1 hr)  
Week 09 An introduction to economic growth. The production function approach to growth Lecture (2 hr)  
Tutorial 8 Tutorial (1 hr)  
Week 10 Savings, capital formation and growth. The convergence hypothesis and empirical evidence Lecture (2 hr)  
Tutorial 9 Tutorial (1 hr)  
Week 11 Exchange rates and the open economy. Exchange rates and equilibrium fixed exchange rates Lecture (2 hr)  
Tutorial 10 Tutorial (1 hr)  
Week 12 The balance of payments Lecture (2 hr)  
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) LO1 LO2 LO3 LO4 LO5 LO6 LO7 LO8
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

LECTURE TOPICS AND READINGS

Required textbook: Bernanke, Ben; Olekalns, Nilss; Frank, Robert, Principles of Macroeconomics: McGraw-Hill.

There are two editions of this book which are suitable for this unit:

5th Edition 2019, (BOF) This will be the edition that will be used in class.

4th Edition 2014, (BOF4)

Both of these should be available as an e-version.

Link here: https://www.vitalsource.com/en-au/products/principles-of-macroeconomics-ben-bernanke-nilss-olekalns-v9781760424053)

Please note that you can still purchase the physical version of the textbook if you wish, though there may be a price differential with the e-version. Physical copies of the textbook will also be made available in 2hr reserve in Fisher library.

Relevant textbook chapters:

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, Ch 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 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. 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 what determines unemployment and inflation
  • LO6. understand and explain macroeconomic policies that improve standards of living
  • LO7. analyse the factors influencing the balance of payments and the exchange rate
  • LO8. 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
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

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

We have updated the tutorials and provide more detailed answers since the last time we taught the course in S1 2020.

Unit Coordinator and lecturer-in-charge: Associate Prof. Aarti Singh

Room 605, Social Sciences Building (A02), Email Address aarti.singh@sydney.edu.au

Consultation Hours (via Zoom) Wednesday 9:30-10:30 Zoom Link :https://uni-sydney.zoom.us/j/83422118059

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.