Syllabus for Macroeconomics 1 (2150)
Syllabus for Macroeconomics 1 (2150)
Course syllabus
This course has been designed around 3 sequential parts.
PART A: Goals of economics
In this section, we build students’ familiarity with the broad range of economic issues that economists care about. We take a comprehensive approach towards understanding the range of factors that matter for wellbeing and prosperity at a macroeconomic level.
We learn about the indicators that economists use to measure key economic problems and give students the tools to practically manage and analyse economic data. Students will learn about the composition and performance of the Australian economy, as well as the broader Asia-Pacific region and trends in the global economy.
We introduce students to the fundamental models of economic growth, taking a forward-looking approach by focusing on the most important factors that will drive a country's economic prosperity in the future.
Students are introduced to core principles of economic thinking in the context of these big real-world problems.
PART B: A closer look at economic problems to be solved
In this section, we take a closer look at the economic problems that can de-stabilise the economy and affect overall wellbeing: unemployment; rising costs of living; economic inequality; international volatility; financial shocks; and environmental sustainability.
With each problem, students learn the macroeconomic framework that can be applied to understand what caused the problem, who is most affected, and what determines its severity.
PART C: Our policy toolkit
In this section, we learn about the policies we have available to rectify these economic challenges.
We build students' understanding of the tools of fiscal policy and monetary policy. We expand the policy toolkit to also look at the way that policies relating to innovation, human capital, technological advancement, institutional settings and international cooperation also play a role in addressing macroeconomic objective.
To demonstrate the real-world applicability of these principles and policy toolkit, we look at the economic impacts of the COVID-19 pandemic on the Australian and world economy, assess current policies, and identify what policies will be needed in the future.
The outline of weekly topics can be found in the Teaching Schedule below:
Week
|
Topic
|
Textbook resources
(Additional readings and material will be
shared in lectures)
|
Tutorials
(Additional material will be
included in your tutorial
worksheets)
|
Assessment
|
PART A: Goals of economics |
||||
1
|
What do
economists
care about?
|
CORE Unit 1 (The Capitalist Revolution)
CORE Unit 16 (Technological progress,
unemployment, and living standards in the
long run)
|
No tutorial this week
|
|
2
|
A picture of
the Australian
and world
economy
|
CORE Unit 18 (The nation and the world
economy)
|
Tutorials start in Week 2
|
|
3
|
How can we
measure
economic
activity?
|
CORE Unit 13 (Economic fluctuations and
unemployment)
|
|
|
4
|
Human capital,
technology
and innovation
as drivers of
economic
prosperity
|
CORE Unit 16 (Technological progress,
unemployment, and living standards in the
long run)
|
|
Assignment 1 due
|
PART B: A closer look at economic problems to be solved |
||||
5
|
Unemployment
and costs of
living
|
CORE Unit 13 (Economic fluctuations and
unemployment)
|
|
|
6
|
Economic inequality
|
CORE Unit 19 (Economic inequality)
CORE Unit 5 (Property and power)
|
|
|
7
|
Economic
shocks and
environmental
sustainability
|
CORE Unit 17 (The Great Depression and
Global Financial Crisis)
CORE Unit 20 (The Economics of the
Environment)
|
|
|
PART C: Our policy toolkit |
||||
8
|
Fiscal policy
|
CORE Unit 22 (Economics, politics, and
public policy)
CORE Unit 14 (Unemployment and fiscal
policy)
|
|
Assignment 2 due
|
9
|
Monetary policy
|
CORE Unit 15 (Inflation and monetary
policy)
|
|
|
10
|
Innovation policy
|
CORE Unit 21 (Innovation, information,
and the networked economy)
|
|
|
11
|
Financial
system and
institutions
|
CORE Unit 10 (Banks, money and the
credit market)
CORE Unit 17 (The Great Depression and
Global Financial Crisis)
|
|
|
12
|
Globalisation and
international
cooperation
|
CORE Unit 4 (Social interactions)
CORE Unit 18 (The nation and the world
economy)
CORE Unit 20 (The economics of the
environment)
|
Last tutorial
|
|
End of lecture period |
||||
13
|
|
|
Tutors will be available for consultation
|
|
14
|
|
|
|
|
2021-08-02