Units
Intermediate Macroeconomics
Unit code: EFB330
Credit points: 12
Information about fees and unit costs
This unit develops an analytical framework which can be used to understand and evaluate the macroeconomic performance of the Australian economy. It also provides extensive discussion of the monetary and fiscal policy approaches that are taken to maintain a sustainable economy with low inflation and low unemployment. Key issues addressed include unemployment, inflation, economic growth, saving and the balance of payments.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
As one of the two key fields in economics, Intermediate macroeconomics builds on and deepens the contents of the introductory unit, Economics 2. The unit provides an in depth analysis of fundamental macroeconomic ideas and it develops further the capabilities and skills necessary for a career in the field.
Aims
The unit introduces macroeconomic theories and policies. During the course of the semester, you will become familiar with various macroeconomic issues faced by a modern economy, policies to solve these issues as well as the limitations of these policies. You will develop a critical view when confronted with the different theories and policies.
Objectives
Course Learning Goals (Undergraduate)
The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context
Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue
Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences
Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output
Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding
Unit Objectives
On completion of this unit, you should be able to:
1. Apply fundamental macroeconomic ideas to real world phenomena.
2. Evaluate government policies and their consequences
3. Analyse monetary policies and their intended outcomes.
The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.
Content
In this unit you will be introduced to the following topics:
GDP
Functioning of goods and money markets
Theory of unemployment
The aggregate demand-aggregate supply framework
Short run economic fluctuations
Inflation and its connection with unemployment
Monetary and fiscal policy
Economic growth
Open economy and exchange rate
Approaches to Teaching and Learning
The content of this unit is delivered via a lecture (two hours per week), an open workshop (one hour per week), a tutorial program (one hour per week), and the prescribed textbook.
Resources such as additional study material, weekly assignments and the solutions to the assignments are provided on the unit's Blackboard site. Students will need their student number and password to access the Blackboard site.Students are required to check the Blackboard site regularly for new announcements and materials.
Students are expected to study the relevant material (textbook and notes), complete the assignment provided beforeattending the lecture/workshop/tutorial , so that effective use can be made of the time allocated to solve difficulties and discuss further issues. It is not the purpose of the workshop and tutorial to work through each question from scratch, but rather to resolve any problems or difficulties that arise from the week's work.
The assignments form an important part of the work in this unit and are a good indicator of possible examination questions. Historically, students who do not keep up with weekly tutorial work have a very poor success rate.
In accordance with QUT policy, all units are to be subject to Criterion Referenced Assessment (CRA). The Unit Coordinator will provide students with further details regarding CRA during the course of the semester during class and on the unit's Blackboard site.
Assessment
Students will receive feedback in various forms throughout the semester which may include:
Assessment name:
Mid-Semester Examination
Description:
Compulsory, closed book, mid-semester examination.
Length 1 hour
Summative and formative.
The mid-semester exam is compulsory and closed book and will consist of multiple choice questions and short answer questions.
Note: Negative marking on the multiple choice questions will not be employed. The mark will be weighted 30% of the final tally. The mid-semester exam will test your proficiency in the theoretical concepts and your ability to apply these concepts. Exam feedback will be provided in a timely manner so that you can receive information on your progress in the unit at the approximate mid-way point of the semester.
Relates to objectives:
Unit objectives 1, 2, 3 and AoL goals: KS (1.1), CTA (2.1)
Weight:
30%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Week 7
Assessment name:
End of Semster Examination
Description:
Compulsory, closed book, comprehensive final examination
Length 2 hours + 10 minutes perusal
Summative
Like the mid-semester exam, the final exam is closed book and will consist of multiple choice questions and short answer type questions. In a short answer type question, the student may be asked to write a short essay where she or he can demonstrate professional communication skills. Note: Negative marking on the multiple choice questions will not be employed. To successfully complete the final exam, students must demonstrate their ability to use the tools they have acquired in broader contexts, in particular with respect to philosophical and political aspects of the course material.
Relates to objectives:
Unit objectives 1, 2, 3 and AoL goals: KS (1.1), CTA (2.1), PC (3.1)
Weight:
50%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Central exam period
Assessment name:
Pop Quiz
Description:
During the course of the semester, six in-class pop quizzes will be conducted. The five best scores will be considered relevant for the final grade. Each quiz will be based on the material covered in earlier week(s). Compulsory and in-class assessment.
Length/Duration: 22-4 pages on A4 size paper
Formative or Summative: Formative and Summative
Relates to objectives:
Unit objectives: 1 and AOL goals: KS (1.1), CTA (2.1)
Weight:
20%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Week 3-13
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Prescribed Text
Oliver Blanchard and Jeffrey Sheen (2009): Macroeconomics, Australasian Edition (3rd Edition), Pearson
Additional Readings
Dornbusch, R, Bodman, P., Crosby, M., Fischer S. and Startz, R, Macroeconomics, McGraw-Hill, Second Australian Edition, 2006.
For current economic issues students may refer to online sources such as:
Mankiw Blog: ;
The RBA (
Additional resources, in particular:
Risk assessment statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 05-Feb-2013
