Course coordinator
Dr Ross Guest
Course overview
- Study period
- Semester 1, 2025 (24/02/2025 - 21/06/2025)
- Study level
- Undergraduate
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
This course further enhances critical thinking of students around macroeconomic theory topics such as determinants of national expenditure, income and employment in closed and open economies. It addresses the role of monetary and fiscal policy, and factors influencing interest rates, inflation and unemployment.
ECON2020 is a core course in the B.Econ and a prerequisite course for ECON2040 (Macroeconomic Policy) and ECON3020 (Advanced Macroeconomics). The course covers topics in macroeconomic theory atﾠthe intermediate level. Insights into the workings of the macroeconomy and the ability of economic policy to affect macroeconomic outcomes is achieved through the study of theoretical models. Focus is placed on four particular models - the Neo-classical Growth Model (and New Growth Theory extensions), the Aggregate Expenditure Model, the IS-LM Model and the Aggregate Demand / Aggregate Supply Model. The basic version of some of theseﾠmodels will be familiar to students from having studiedﾠIntroductory Macroeconomics. The policy focus is primarily on fiscal and monetary policy, and government debt, in both closed open economies in the short run and the long run, in the face of external shocks such as the global financial crisis and unexpected political changes.
Course requirements
Assumed background
It is assumed that students will have previously covered material in the area of both macroeconomics and microeconomics at the introductory level, in particular that they have a sound knowledge of key macroeconomic terminology, and of the basic concepts of aggregate demand, aggregate supply andﾠoverall economic equilibrium in the macroeconomic context. A keen interest in current affairs related to bothﾠthe Australian and international macroeconomies is also expected, particularly concerning monetary and fiscal policy and major contemporary international economic developments.
Prerequisites
You'll need to complete the following courses before enrolling in this one:
ECON1010 + 1020
Recommended prerequisites
We recommend completing the following courses before enrolling in this one:
ECON1050
Incompatible
You can't enrol in this course if you've already completed the following:
ECON2021
Restrictions
Not to be studied by BAdvBus(Hons) and BAdvFinEcon(Hons) students
Course contact
School enquiries
School Enquiries, School of Economics
All enquiries regarding student and academic administration (i.e. non-course content information, e.g., class allocation, timetables, extension to assessment due date, etc.) should be directed toﾠenquiries@economics.uq.edu.au.ﾠ
Enquiries relating specifically to course content should be directed to the Course Coordinator/Lecturer.
Course staff
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Lectures commence in 1.
Tutorials commence in 2.
Please see the Learning Activities section of this Course Profile for the timetabling implications of public holidays.
Important Dates:
· Public Holidays: Fri 18 April (Good Friday), Mon 5ﾠMay (Labour Day).
· Mid-Semester Break: 21ﾠApril - 25ﾠApril. Semester 1 classes recommence on Mon 28ﾠApril.
Students should refer to the timetable prior to the commencement of classes to ensure that they have the most up to date information, as from time to time late room changes may occur.
Aims and outcomes
The aim of the course is to provide students with a theoretical understanding, at the intermediate level, of the key relationships and causal links between well-defined major macroeconomic aggregates (e.g., real GDP, the price level, etc.) in a variety of contexts (e.g., in different countries or time periods). This, in turn, permits anﾠunderstanding of the role and workings of macroeconomic policy and provides a coherent, analytical framework from which to critically evaluate these policies.
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Command and utilise core theoretical macroeconomic models to explain real world observations, problems and puzzles. This command will show sensitivity for how macroeconomic conditions vary across countries and / or over time.
LO2.
Identify key contemporary macroeconomic problems, both domestic and international, and discuss possible solutions and potential innovations towards improving current policies and practices.
LO3.
Explain the connections between short run, long run, and very long forces on the economy, and the appropriate policy responses to each of them.
LO4.
Develop your confidence and abilities to use mathematics and logic to make reasoned arguments about economic issues.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Tutorial/ Problem Set | Problem Set | 30% |
21/03/2025 - 4/04/2025
The problem set will be available in BB from 9am 21 March. Submission is due by 4pm 4 April. |
| Paper/ Report/ Annotation | Assignment | 30% |
28/04/2025 - 12/05/2025
The assignment will be available from 28 April at 9am. Submission is due by 12 May at 4pm. |
| Examination | Final Exam | 40% |
End of Semester Exam Period 7/06/2025 - 21/06/2025 |
Assessment details
Problem Set
- Mode
- Written
- Category
- Tutorial/ Problem Set
- Weight
- 30%
- Due date
21/03/2025 - 4/04/2025
The problem set will be available in BB from 9am 21 March.
Submission is due by 4pm 4 April.
- Learning outcomes
- L01, L02, L03, L04
Task description
The problem set will consist of 7 questions, all of which must be answered. Some questions will require algebra and calculations. Others will require discussion and analysis.
The suggested word length is approximately 2500 words or 6xA4 pages. This is neither a maximum nor a minimum. Some students who write concisely may be able to produce high quality answers with fewer words/pages. You will not be rewarded for writing more than necessary to answer the question. If you use a diagram, it should occupy approximately one third of an A4 page.
Your answers should be typed, but diagrams may be either created with software (e.g. Word, PPT or other) or neatly hand-written. Diagrams must not be cut and pasted from any source.
You must show all working for questions that require calculations and/or algebra.
This assessment task evaluates student's abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are strongly advised that the use of AI technologies to develop responses is strictly prohibited, along with any other forms of plagiarism. Such actions may be deemed as student misconduct under the Student Code of Conduct.
Submission guidelines
Submission is via the link in Blackboard.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 7 calendar days to ensure timely feedback to other students.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Assignment
- Mode
- Written
- Category
- Paper/ Report/ Annotation
- Weight
- 30%
- Due date
28/04/2025 - 12/05/2025
The assignment will be available from 28 April at 9am.
Submission is due by 12 May at 4pm.
- Learning outcomes
- L01, L02, L03, L04
Task description
This assignment will consist of a set of questions requiring analysis of the Reserve Bank of Australia Statement on Monetary Policy, February 2025.
This assessment task evaluates student's abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are strongly advised that the use of AI technologies to develop responses is strictly prohibited, along with any other forms of plagiarism. Such actions may be deemed as student misconduct under the Student Code of Conduct.
Submission guidelines
Submission is via the link in Blackboard.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 7 calendar days to ensure timely feedback to other students.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Final Exam
- Mode
- Written
- Category
- Examination
- Weight
- 40%
- Due date
End of Semester Exam Period
7/06/2025 - 21/06/2025
- Learning outcomes
- L01, L02, L03, L04
Task description
The final exam will consist of short-answer questions requiring analysis and discussion.
The final exam is designed to cover all learning objectives and to test both depth and breadth of students' knowledge of material covered throughout the course.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | (In person) Casio FX82 series only or UQ approved and labelled calculator |
| Open/closed book | Closed Book examination - no written materials permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Course grading
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0% - 29% |
Absence of evidence of achievement of course learning outcomes. |
| 2 (Fail) | 30% - 46% |
Minimal evidence of achievement of course learning outcomes. |
| 3 (Marginal Fail) | 47% - 49% |
Demonstrated evidence of developing achievement of course learning outcomes |
| 4 (Pass) | 50% - 64% |
Demonstrated evidence of functional achievement of course learning outcomes. |
| 5 (Credit) | 65% - 74% |
Demonstrated evidence of proficient achievement of course learning outcomes. |
| 6 (Distinction) | 75% - 84% |
Demonstrated evidence of advanced achievement of course learning outcomes. |
| 7 (High Distinction) | 85% - 100% |
Demonstrated evidence of exceptional achievement of course learning outcomes. |
Additional course grading information
A student's final overall end of semester percentage mark will be rounded to determine their final grade. For example, 64.5% rounds to 65%, while 64.4% rounds to 64%.
Supplementary assessment
Supplementary assessment is available for this course.
Additional assessment information
Plagiarism
The School of Economics is committed to reducing the incidence of plagiarism. Further information on plagiarism and how to avoid an allegation of plagiarism is available in this course profile under Policies & Procedures. Please refer to the Academic Integrity Module (AIM). It is strongly recommended that you complete the AIMﾠif you have not already done so.
Learning resources
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Library resources
Find the required and recommended resources for this course on the UQ Library website.
Additional learning resources information
Useful supplementary materials can be found on each of the textbookﾠwebsites. To obtain the username and password to access the student section of these online supplementary materials a student will need a registration code.ﾠ
Learning activities
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
Please select
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 (24 Feb - 02 Mar) |
Lecture |
Lecture 1: Review of Introductory Macroeconomics: Part 1 Mankiw 12th Ed: Chapters 3, 4 Learning outcomes: L01, L02, L03, L04 |
Week 2 (03 Mar - 09 Mar) |
Tutorial |
Tutorial 1 Chapter 3. Review Qs 2, 3, 4 Problems 2, 6 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 2: Review of Introductory Macroeconomics: Part 2 Mankiw 12th Ed., Chapters 5, 6 Learning outcomes: L01, L02, L03, L04 |
|
Week 3 (10 Mar - 16 Mar) |
Tutorial |
Tutorial 2 Chapter 5: Problems 2, 4 Chapter 6: Review Qs 3, 4, 5, 6 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 3: Review of Introductory Macroeconomics: Part 3 Mankiw 12th Ed., Chapters 7, 8 Learning outcomes: L01, L02, L03, L04 |
|
Week 4 (17 Mar - 23 Mar) |
Tutorial |
Tutorial 3 Chapter 7: Problems 1, 2 Chapter 8: Review Qs 2, 3, 4 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 4: Economic Fluctuations Mankiw 12th Ed., Chapter 12 Learning outcomes: L01, L02, L03, L04 |
|
Week 5 (24 Mar - 30 Mar) |
Tutorial |
Tutorial 4 Chapter 12: Review Qs 1, 3, 4, 5 Problems 1, 4 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 5: Building the IS-LM Model Mankiw 12th Ed., Chapter 13 Learning outcomes: L01, L02, L03, L04 |
|
Week 6 (31 Mar - 06 Apr) |
Tutorial |
Tutorial 5 Chapter 13: Review Qs 3, 4 Problems 2, 3, 4 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 6: Applying the IS-LM Model Mankiw 12th Ed., Chapter 14 Learning outcomes: L01, L02, L03, L04 |
|
Week 7 (07 Apr - 13 Apr) |
Tutorial |
Tutorial 6 Chapter 14: Problems 1, 2, 3 Learning outcomes: L01, L02, L03, L04 |
Tutorial |
Lecture 7: The Open Economy: The Mundell-Fleming Model Mankiw 12th Ed., Chapter 15 Learning outcomes: L01, L02, L03, L04 |
|
Week 8 (14 Apr - 20 Apr) |
Tutorial |
Tutorial 7 Chapter 15: Review Qs 2, 4 Problems 1, 2 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 8: Aggregate Supply and the Phillips Curve Mankiw 12th Ed., Chapter 16 Learning outcomes: L01, L02, L03, L04 |
|
Mid-sem break (21 Apr - 27 Apr) |
No student involvement (Breaks, information) |
No classes this week |
Week 9 (28 Apr - 04 May) |
Tutorial |
Tutorial 8 Chapter 16: Review Qs 2, 6 Problems 2, 3 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 9: A Dynamic Model of Economic Fluctuations Mankiw 12th Ed., Chapter 17 Learning outcomes: L01, L02, L03, L04 |
|
Week 10 (05 May - 11 May) |
Tutorial |
Tutorial 9 Chapter 17: Review Qs 3, 4 Problems 3, 5 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 10: Alternative Perspectives on Stabilisation Policy Mankiw 12th Ed., Chapter 18 Learning outcomes: L01, L02, L03, L04 |
|
Week 11 (12 May - 18 May) |
Tutorial |
Tutorial 10 Chapter 18: Review Qs 3, 4, 5 Problem 3 Learning outcomes: L01, L02, L03, L04 |
Tutorial |
Lecture 11: Government Debt and Budget Deficits Mankiw 12th Ed., Chapter 19 Learning outcomes: L01, L02, L03, L04 |
|
Week 12 (19 May - 25 May) |
Tutorial |
Tutorial 11 Chapter 19: Review Qs 2, 4, 5, 7 Problem 4 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Lecture 12: Banking and Monetary Policy Mankiw 12th Ed., Chapter 20 Learning outcomes: L01, L02, L03, L04 |
|
Week 13 (26 May - 01 Jun) |
Tutorial |
Tutorial 12 Chapter 20: Review Qs 3, 4 Problems 1, 4 Learning outcomes: L01, L02, L03, L04 |
Policies and procedures
University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:
- Student Code of Conduct Policy
- Student Integrity and Misconduct Policy and Procedure
- Assessment Procedure
- Examinations Procedure
- Reasonable Adjustments - Students Policy and Procedure
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.