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Unit of study_

ECON5002: Macroeconomic Theory

Intensive February, 2022 [Block mode] - Camperdown/Darlington, Sydney

This unit presumes no prior exposure to economics and aims, by the end of the unit, to bring a proficiency equivalent to that of students with an intermediate level macroeconomics unit in an Honours degree program. Many economic principles developed in this unit are routinely used in several other units in the program. Macroeconomics studies aggregate economic behaviour. The unit covers theories of the engines of long-run economic growth, of unemployment, of money, inflation, the interest rate and the exchange rate, as well as consumption, saving and investment behaviour. The unit also studies a number of applications of the theory and addresses contemporary macroeconomic problems and policy.

Unit details and rules

Unit code ECON5002
Academic unit Economics
Credit points 6
Prohibitions
? 
ECON5003
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Huy Vu, huy.vu@sydney.edu.au
Type Description Weight Due Length
Final exam (Open book) Type C final exam Final exam (online)
Multiple choice questions + Written answers questions
55% Formal exam period
Due date: 18 Feb 2022 at 11:00
2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
In-semester test (Open book) Type C in-semester exam Mid-semester exam (online)
Multiple choice questions + Written answers question
40% Week 03
Due date: 31 Jan 2022 at 11:00
1.5 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Online task First Online Quiz
Online quizzes
1.25% Week 05
Due date: 16 Feb 2022 at 23:59
10 MCQs
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Online task Second Online Quiz
Online quizzes
1.25% Week 05
Due date: 16 Feb 2022 at 23:59
10 MCQs
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Online task Third Online Quiz
Online quizzes
1.25% Week 05
Due date: 16 Feb 2022 at 23:59
10 MCQs
Outcomes assessed: LO1 LO2 LO5 LO6 LO3 LO4
Online task Fourth Online Quiz
Online quizzes
1.25% Week 05
Due date: 16 Feb 2022 at 23:59
10 MCQs
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Type C final exam = Type C final exam ?
Type C in-semester exam = Type C in-semester exam ?

Assessment summary

Detailed information for each assessment can be found on Canvas.

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, goods market and the IS relation Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Money market and the LM relation Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Short-run: the IS/LM model Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Week 02 Labour markets and the WS, PS relation Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Medium-run: the AS/AD model Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Phillips curve Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Week 03 Mid-Term Exam Block teaching (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Long-run economic growth I: basic model Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Long-run economic growth II: human capital and technological progress Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Week 04 Expectations, consumption, investment and macro policies Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Open-economy macroeconomics I: openness in goods and financial markets Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Open-economic macroeconomics II: IS/LM/IP model Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6
Week 05 Review Block teaching (3 hr) LO1 LO2 LO3 LO4 LO6

Attendance and class requirements

  • Remote learning mode: Due to COVID, the unit will be delivered online, including assessment tasks. Each student needs to develop effective online learning practices and self-study patterns. 
  • Lecture recording: Lectures will be recorded and made available to students via Canvas.
  • Tutorials: All tutorial material will be online via Canvas, for self-study.
  • Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, 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

Textbook: Olivier Blanchard and Jeffrey Sheen. Macroeconomics. Fourth Australasian edition. Pearson.

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 theoretical models that form the body of contemporary macroeconomics
  • LO2. understand and apply macroeconomic models to various economic problems and to policymaking
  • LO3. demonstrate openness to new ways of thinking and appreciate the importance of intellectual curiosity and reflection as the foundation for continuous learning
  • LO4. identify, define and analyse problems and recommend creative solutions within real world constraints
  • LO5. demonstrate a capacity to work independently including the ability to plan and achieve goals
  • LO6. critically evaluate underlying theories, concepts, assumptions, limitations and arguments in disciplinary and cross-disciplinary fields of study

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.

Feedback from previous semesters is used to facilitate continual quality improvement in 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.