ECOS3021: Semester 1, 2020

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Units ECOS3021 Semester 1 2020 [Normal day]

Unit of study_

ECOS3021: Business Cycles and Asset Markets

Semester 1, 2020 [Normal day] - Camperdown/Darlington, Sydney

Overview

The unit of study provides theoretical and empirical training in analysing macroeconomic fluctuations and the interactions between the real economy and asset markets. The unit of study will introduce theoretical models of the business cycle to identify sources of economic fluctuations. It then provides a theoretical framework in which the asset market-the real economy can be analysed. In addition to theoretical analysis, the unit will develop empirical tools for analysing economic and financial indicators as well as evaluating the performance of theoretical models. The role of government policy will also be discussed by taking both Australian and global episodes.

Unit details and rules

Unit code	ECOS3021
Academic unit	Economics
Credit points	6
Prohibitions ?	None
Prerequisites ?	((ECOS2001 or ECOS2901) and (ECOS2002 or ECOS2902)) or (ECOS2040 and ECMT2130)
Corequisites ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	David Kim, kim.david@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam	Online Exam n/a	50%	Formal exam period	2 hours
Outcomes assessed:
In-semester test	Mid-semester test (take home) Take home exam	25%	Mid-semester exam period Due date: 20 Apr 2020 at 14:00	1 hour
Outcomes assessed:
Assignment	Assignment Online group collaboration is required.	25%	Week 14 (STUVAC) Due date: 01 Jun 2020 at 18:00	1500 words
Outcomes assessed:
= group assignment ?

Assessment summary

Mid-semester test: This assessment is designed as an early indicator of the student’s progress in the subject. The mid-semester test will comprise multiple choice questions and a short-answer problem. It will be a closed-book test.
Assignment: This can be done as an individual or a group report. If studnets elect to do a group report, there has to be a group of no less than 2 and no more than 4.\
Final exam: The final exam (two hours) will be held during the June exam period. The end-of-semester exam will be closed-book.

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 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.

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 to business cycles: concepts and measurements, time series properties, and stylised facts	Lecture (2 hr)
Week 02	Theories of the business cycle : (1) neo-classical market clearing view of the business cycle	Lecture and tutorial (3 hr)
Week 03	Theories of the business cycle: (2) traditional (Keynesian/Monetary) views of the business cycle	Lecture and tutorial (3 hr)
Week 04	Theories of the business cycle: (3) political business cycle, expectations and uncertainty	Lecture and tutorial (3 hr)
Week 05	Introduction to asset prices – concepts, measurements and issues, historical overview	Lecture and tutorial (3 hr)
Week 06	Asset prices, consumption and the business cycle I	Lecture and tutorial (3 hr)
Week 07	Asset prices, consumption and the business cycle II	Lecture and tutorial (3 hr)
Week 08	Mid-Semester Exam	Lecture (1 hr)
Week 09	Credit market imperfections and the business cycle	Lecture and tutorial (3 hr)
Week 10	Housing and business cycle	Lecture and tutorial (3 hr)
Week 11	International business cycle	Lecture and tutorial (3 hr)
Week 12	Empirical analysis and prediction	Lecture and tutorial (3 hr)
Week 13	Review of the Unit: What have we learnt, and where to from now?	Lecture and tutorial (3 hr)

Attendance and class requirements

Attendance: students 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 which 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

See e-Reserve on Canvas for each week’s readings.

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. explain the business cycle indicators that should be part of every economic analyst’s and decision-maker’s information set
LO2. employ empirical or theoretical models for understanding and analyzing fluctuations in the aggregate economy and asset prices, while understanding the limitations of the models
LO3. assess domestic and global economic conditions using key economic and financial indicators and critically evaluate government policy measures
LO4. work with other students cooperatively and responsibly.

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.

No changes have been made since this unit was last offered.

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

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

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