Course coordinator
Dr Youngsoo Jang
Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- 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 topics that cover theories of the firm, partial and general equilibrium of markets, and production and cost analysis. These tools will equip the students with a deeper understanding of the functioning of markets and institutions and the behaviour of economic agents, as well as of the implications for policy makers and managers.
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 BAdvFin&Econ(Hons) students
Course contact
School enquiries
Student 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 to enquiries@economics.uq.edu.au.
Enquiries relating specifically to course content should be directed to the Course Coordinator/Lecturer.
Course staff
Lecturer
Dr Youngsoo Jang
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Tutorial Preferencing: Please refer to My Timetable (available via your my.UQ dashboard) for more information on the tutorial preferencing and allocation process. Tutorials commence in Teaching Week 2.
The timetable is published through the UQ Public Timetable found in the APPs section of myUQ.ﾠStudents 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.ﾠ
Students who miss a tutorial due to a public holiday are invited to attend another tutorial that week.
Important dates:
- Public Holidays: Wed 14 August (Royal Queensland Show), Mon 7 October (King's Birthday).
- Mid-Semester Break: 23 - 29 September. Semester 2 classes recommence Mon 30 September.
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 |
|---|---|---|---|
| Quiz |
Quizzes
|
25% (5% each) |
Quiz 1 5/08/2024 - 9/08/2024 Quiz 2 26/08/2024 - 30/08/2024 Quiz 3 9/09/2024 - 13/09/2024 Quiz 4 30/09/2024 - 4/10/2024 Quiz 5 14/10/2024 - 18/10/2024
Opens at 10am, due at 5pm |
| Essay/ Critique | Homework | 25% |
23/09/2024 - 30/09/2024
Due at 1pm |
| Examination |
Final Exam
|
50% |
End of Semester Exam Period 2/11/2024 - 16/11/2024 |
Assessment details
Quizzes
- Online
- Mode
- Written
- Category
- Quiz
- Weight
- 25% (5% each)
- Due date
Quiz 1 5/08/2024 - 9/08/2024
Quiz 2 26/08/2024 - 30/08/2024
Quiz 3 9/09/2024 - 13/09/2024
Quiz 4 30/09/2024 - 4/10/2024
Quiz 5 14/10/2024 - 18/10/2024
Opens at 10am, due at 5pm
- Learning outcomes
- L01, L02, L03, L04
Task description
Quizzes are in the form of a Blackboard Test. (one hour timer within a 5-day period)
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.
Multiple choice questions: full marks for each correct answer. 0 marks for incorrect answers.
Problem solving questions: marks given for the accuracy of the calculations and the interpretation of the results.
Short-answer questions: part marks may be given where some relevant knowledge is clearly demonstrated.
Further details and guidelines regarding this quiz will be provided by the lecturer.
Submission guidelines
Deferral or extension
You may be able to apply for an extension.
The online quizzes have a maximum extension of 3 days (including weekend days) to ensure timely feedback to other students.
Late submission
Exams submitted after the end of the submission time will incur a late penalty.
Without an approved extension, a penalty of 100% will be applied if you do not attempt the quiz before the deadline.
Homework
- Mode
- Written
- Category
- Essay/ Critique
- Weight
- 25%
- Due date
23/09/2024 - 30/09/2024
Due at 1pm
- Learning outcomes
- L01, L02, L03, L04
Task description
This homework assignment encompasses a comprehensive review of topics discussed in Lectures 1-8. Students have one week to complete this assignment.
Multiple choice questions: full marks for each correct answer. 0 marks for incorrect answers.
Problem solving questions: marks given for the accuracy of the calculations and the interpretation of the results.
Short-answer questions: part marks may be given where some relevant knowledge is clearly demonstrated.
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.
Further details and guidelines regarding the homework will be provided by the lecturer during the class.
Submission guidelines
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
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 50%
- Due date
End of Semester Exam Period
2/11/2024 - 16/11/2024
- Learning outcomes
- L01, L02, L03, L04
Task description
The final exam will consist of multiple choices, problem solving and short-answer questions.
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.
Further details and guidelines regarding the final exam will be provided by the lecturer during class. Additionally, such information will also be posted on our course Blackboard site, ensuring accessibility to all relevant details.
Multiple choice questions: full marks for each correct answer. 0 marks for incorrect answers.
Problem solving questions: marks given for the accuracy of the calculations and the interpretation of the results.
Short-answer questions: part marks may be given where some relevant knowledge is clearly demonstrated.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | (In person) Casio FX82 series or UQ approved , labelled calculator only |
| Open/closed book | Closed Book examination - specified written materials permitted |
| Materials | Unmarked Bilingual Dictionary |
| 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 & Guidelines. 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 textbook websites. 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 (22 Jul - 28 Jul) |
Lecture |
Lecture 1: The Science of Macroeconomics + Data Learning outcomes: L01, L02, L03, L04 |
Week 2 (29 Jul - 04 Aug) |
Lecture |
Lecture 2: National Income Learning outcomes: L01, L02, L03, L04 |
Week 3 (05 Aug - 11 Aug) |
Lecture |
Lecture 3: Monetary System + Inflation Learning outcomes: L01, L02, L03, L04 |
Week 4 (12 Aug - 18 Aug) |
No student involvement (Breaks, information) |
Royal Queensland Show Public Holiday No lecture or tutorials this week. |
Week 5 (19 Aug - 25 Aug) |
Lecture |
Lecture 4: Inflation Learning outcomes: L01, L02, L03, L04 |
Week 6 (26 Aug - 01 Sep) |
Lecture |
Lecture 5: Open Economy Learning outcomes: L01, L02, L03, L04 |
Week 7 (02 Sep - 08 Sep) |
Lecture |
Lecture 6: Labor Market Learning outcomes: L01, L02, L03, L04 |
Week 8 (09 Sep - 15 Sep) |
Lecture |
Lecture 7: Economic Growth I Learning outcomes: L01, L02, L03, L04 |
Week 9 (16 Sep - 22 Sep) |
Lecture |
Lecture 8: Economic Growth II Learning outcomes: L01, L02, L03, L04 |
Mid Sem break (23 Sep - 29 Sep) |
No student involvement (Breaks, information) |
No lecture or tutorials |
Week 10 (30 Sep - 06 Oct) |
Lecture |
Lecture 9: Economic Fluctuations Learning outcomes: L01, L02, L03, L04 |
Week 11 (07 Oct - 13 Oct) |
Lecture |
Lecture 10: Aggregate Demand I Learning outcomes: L01, L02, L03, L04 |
Week 12 (14 Oct - 20 Oct) |
Lecture |
Lecture 11: Aggregate Demand II Learning outcomes: L01, L02, L03, L04 |
No student involvement (Breaks, information) |
Monday 7/10/2024 - King's Birthday Public Holiday No tutorials on this day. Please attend tutorials on other days of the week. |
|
Week 13 (21 Oct - 27 Oct) |
Lecture |
Lecture 12: Open Economy: Mundell-Fleming Model I Learning outcomes: L01, L02, L03, L04 |
Policies and guidelines
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.