This course provides an introduction to the economic analysis of key macroeconomic variables such as output, employment, inflation, interest rates and exchange rates. The important elements of the course include; measurement of macroeconomic variables, the development of models and theories to explain the behavior of macroeconomic rabbles; use of empirical evidence in evaluating different models and the role of government policy in seeking to influence macroeconomic outcomes. 2. 4 Aims and Relationship to Other Courses Macroeconomics 1 (ICON 102) is offered as part of the first year core in the B.
Icon degree and as an option in the B. Com degree. It is a required course for anyone undertaking an economics major. Students are introduced to the study of economics via Microeconomics 1 (ICON 101) which studies decision making by individuals and firms and examines the role of governments in seeking to ensure the efficient operation of markets. Macroeconomics 1 builds on these microeconomic concepts and models to study economic decisions and outcomes and the role of government in the national and international economy.
A pass in Microeconomics 1 is a prerequisite for enrolment in Macroeconomics 1. ICON 102 and ICON 101 cannot be taken concurrently. With the exception of Microeconomics 1, no previous study of economics is assumed. Macroeconomics 1 is a prerequisite for all upper year macroeconomics courses offered by the School of Economics (I. E. With course codes beginning 2 and 3. ) In addition, the concepts, models and approaches developed in Microeconomics 1 and Macroeconomics 1 provide the foundation for business 2. Student Learning Outcomes The Course Learning Outcomes are what you should be able to DO by the end of this course if you participate fully in learning activities and successfully complete the assessment items. The Learning Outcomes in this course also help you to achieve some of the overall Program Learning Goals and Outcomes for all undergraduate coursework students in the ASP. Program Learning Goals are what we want you to BE or HAVE by the time you successfully complete your degree.
You demonstrate this by achieving specific Program Learning Outcomes – what you are able to DO by the end of your degree. 3 For more information on the Undergraduate Program Learning Goals and Outcomes, see Part B of the course outline. The following table shows how your Course Learning Outcomes relate to the overall Program Learning Goals and Outcomes, and indicates where these are assessed: Program Learning Goals and Outcomes This course helps you to achieve the following learning goals 1 Knowledge Course Learning Outcomes On successful completion of the course, you should be able to: Course Assessment
Item This learning outcome will be assessed in the following items: Hand in Tutorial Questions Chart Book Submission In-tutorial Test Exam Hand in Tutorial Questions Chart Book Submission In-tutorial Test Exam Chart Book Submission In-tutorial Test Exam Hand in Tutorial Questions Critical thinking and problem solving Written communication Oral communication Teamwork Ethical, environmental and sustainability responsibility Social and cultural awareness Locate and interpret macroeconomic data and statistics. Explain macroeconomic concepts and use simple economic models to interpret behavior of key agronomic variables.
Identify current economic issue and debates and use models to examine key policy issues. Construct written work which is logically and professionally presented. Communicate ideas in a succinct and clear manner. Not specifically addressed in this course. Identify and assess environmental and sustainability considerations in problems in international macroeconomics. Not specifically addressed in this course. B 4 as. Not specifically assessed. Hand in Tutorial Questions In-tutorial Test Exam b. Not specifically assessed. 3 LEARNING AND TEACHING ACTIVITIES 3.
Approach to Learning and Teaching in the Course The philosophy underpinning this course and its Teaching and Learning Strategies are based on “Guidelines on Learning that Inform Teaching at NUNS”. These guidelines may be viewed at: www. Straightforwardness. Nuns. Du. AU. The specific approach to teaching and learning in Macroeconomics 1 is to engage students in the analysis of macroeconomic models and their applications in a relevant and interesting manner. The lectures, tutorials and assessment tasks have been designed to appropriately challenge students and support the achievement of the desired learning outcomes.
A climate of inquiry and dialogue is encouraged between students and teachers and among students (in and out of class). The lecturers and tutors aim to provide meaningful and timely feedback to students to improve learning outcomes. With appropriate guidance, students are encouraged to take responsibility for their own learning. 4 3. 2 Learning Activities and Teaching Strategies The examinable content of the course is defined by the content of the lectures, the designated reading from the textbook (and any other required readings) and the content of the Tutorial Program.
Lectures The purpose of lectures is to provide a social structure for the topics that make up the course; to emphasize the important concepts, models and methods of each topic, and to provide relevant examples to which the concepts and methods are applied. Not all examinable material can be covered in lectures. Lecture material is supplemented by required reading of the appropriate parts of the textbook and the material covered in the tutorial program. Tutorials The purpose of tutorials is to provide an opportunity for small group discussion of the issues to which economic concepts and methods developed in the lectures can be applied.
Attendance at tutorials is compulsory. The Tutorial Program contains problems and questions that review and build on the lecture material. The economic concepts and models introduced in lectures. Students should attempt the set of weekly exercises before each tutorial and be prepared to contribute to tutorial discussion. Solutions to the problem and review questions will be posted on the course website at the end of each week. The Tutorial Program will be available on the course website. On-Line Multiple Choice Quizzes There will be a number of informal on-line quizzes provided for you to attempt during the session.
This will give you the chance to acquire feedback on your progress and understanding of important concepts. There will be no grade attached to these quizzes. The quizzes can be accessed via the course website from the end of Week 3. The purpose of the quizzes is to allow ongoing review of the material covered and provide continuous feedback on your performance. Out-of-Class Study While students may have preferred individual learning strategies, it is important to note that most learning will be achieved outside of class time. Lectures can only provide a structure to assist your study, and tutorial time is limited.
An “ideal” strategy (on which the provision of the course materials is based) might include: 5 Reading of the relevant chapter(s) of the text and any readings before the lecture. This will give you a general idea of the topic area. Attendance at lectures. Here the context of the topic in the course and the important elements of the topic are identified. The relevance of the topic should be explained. Attending the tutorials and attempting the tutorial questions prior to the tutorial. This will also provide a self-test of your understanding, and identify those parts of the topic with which you have problems.
ASSESSMENT 4. 1 Formal Requirements To be eligible for a passing grade in this course, students must: achieve a composite mark of at least 50 out of 100; AND make a satisfactory attempt at all assessment tasks. This means attendance at 80% of tutorials and a mark of 40% in all assessments items. AND Achieve a satisfactory level of performance in the final exam. This usually means a minimum mark of 46 per cent. Any student having an overall mark of 50 or more but less than 46 per cent in the final examination will be given an IF grade (unsatisfactory fail). . 2 Assessment Details Weighting 10% 5% 20% 65% 100% Length As required As required 30 miss 2 hours University Exam Period Assessment Task Hand in Tutorial Questions Chart Book Submission In-Tutorial Test Final Exam Total 4. 3 Tutorial Participation No marks will be awarded for tutorial attendance. However a record of attendance at tutorial will be kept. Students should note that 80% attendance is required by NUNS and ASP rules. Attendance at 8 out 10 tutorials will be deemed as meeting the requirement.
In certain circumstances, such as where a request for special consideration is made in relation to an assessment item, tutorial attendance will be oaken into account in determining your final assessment or whether special consideration is granted. 6 4. 4 Hand in Tutorial Questions Each week students are required to submit to their tutorial a written answer to one of the tutorial questions for that week. The questions for which a written answer is required will be indicated in the Tutorial Program. Answers must be submitted at the beginning of the tutorial and attendance at the entire tutorial is required.
During the semester FOUR of the submitted answers (selected at random) will be graded and given a mark out of five. Each of the graded tutorials will have a weight of 2. 5% awards the overall assessment. 4. 5 Chart Book Submission In preparation to the guest lecture in Week 10, an assignment will be handed out (to be available online on Blackboard) where students will be asked to find various macroeconomic variables from the Reserve Bank of Australia or Australian Bureau of Statistics website, plot their time-series using Excel and Powering, and provide a one-page summary/analysis.
Students will be asked to submit their findings online through Turning. Com as well as submit the hardcopy to the Assignment Box. More details will be announced close to the guest lecture in Week 10. In-Tutorial Test One short-answer test (the test has a weight of 20 percent) will be held during tutorials in the following week: Tutorial Test Week 8 (16-20 September) Students will have 30 minutes to complete each test. No notes, lecture or course material will be permitted to be used during the in tutorial test. The question must be answered on the answer sheet provided by your tutor.
A list of potential questions the test will be provided on the course website (one week prior to the test). Questions asked in the tutorial test will be based on those posted on the website. However there may be some slight differences in the actual test questions, e. . Numbers could be changed for questions that involve calculations. Students must sit the tutorial test in the tutorial group to which they have been allocated. There will be NO supplementary tests offered for the in tutorial test. You should make every effort to take the in tutorial test.
Students who fail to attend the test will need to apply for Special Consideration. In cases of serious illness, students will need full and convincing documentation of that illness. Students who are found genuinely to be too ill to have attended an in tutorial test will have their mark on the final exam re sighted to include the mark reserved for the missing test. In all other cases on non- attendance by students will receive a grade of zero. Employment obligations or holiday plans of any kind are not acceptable reasons for absence from any test/ examination.
Application for special consideration must be lodged through nylons with 3 working days of the assessment. (Log into mynas and go to My Student Profile 7 tab > My Student Services channel > Online Services > Special Consideration). Then submit the originals or certified copies of your completed Professional Authority form PDF – download here) and any supporting documentation to Student Central). 4. 7 Final exam The purpose of the final exam is to assess understanding of the macroeconomic concepts and models introduced in the course and to test the ability to use these to interpret and analyses real world situations.
The final exam will be held in the University examination period and will be 2 hours in length. It is the student’s responsibility to attend the specified exam venue on time. The final exam will cover choice questions Part B: Written questions The marking criteria for the written answer questions include : Well-constructed ND clearly explained diagrams Demonstrated familiarity with and knowledge of course materials Consistent, clear and well supported explanations Incorporation of examples Further information on the content of the final exam will be provided at the end of the semester. . 8 Quality Assurance The ASP is actively monitoring student learning and quality of the student experience in all its programs. A random selection of completed assessment tasks may be used for quality assurance, such as to determine the extent to which program learning goals are being achieved. The information is required for accreditation purposes, and aggregated findings will be used to inform changes aimed at improving the quality of ASP programs. All material used for such processes will be treated as confidential and will not be related to course grades. COURSE EVALUATION AND DEVELOPMENT Each year feedback is sought from students and other stakeholders about the courses offered in the School and continual improvements are made based on this feedback. Now’s Course and Teaching Evaluation and Improvement (CATER) Process is one of the ways in which student evaluative feedback is gathered. You are strongly encouraged to take part in the feedback process. 8 6 COURSE RESOURCES . 1 Course website The Macroeconomics 1 website may be found among others of your courses at: http://tell. Ins. Du. AU. The Website contains copies of: all course handouts; lecture slides; the tutorial program; answers to tutorial problems; sample exam questions; additional readings; assessment marks; and announcements. Students should consult this website at least once a week as it contains important information about the course. It will be assumed that all students have seen any notice posted on the course website. (201 1), Principles of Macroeconomics, (3rd edition. ) McGraw-Hill International Book Co. , Sydney.
The second edition of the above book can also be used; but note that chapter and other references made during the course will refer to the third edition. You will need to make appropriate adjustments if you have the second edition). Supplementary Material The publishers provide a range of support material for the textbook, including a Study Guide, and a website. Information on accessing this support material is provided in the introduction to the text. While the support material may provide useful additional assistance to your study of the subject matter, the support material is not required reading.
Students must make their own judgment as to whether accessing and using the support material is worthwhile. The examinable content of the textbook is defined by the Lecture Outline and the Tutorial Program. Additional Readings For some topics students will be required to read material in addition to the textbook. All additional readings will be posted on the Macroeconomics 1 website. 9 7 COURSE SCHEDULE Textbook references are to the 3rd edition. 7. 1 week Lecture Schedule Topic Measures of Macroeconomic Performance: Output and Prices Saving, Wealth and the Real Interest Rate Unemployment and the Labor Market Business Cycles A Model of