Course coordinator
Dr Ross Guest
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
Analysis of the macroeconomy as a complex system. How macroeconomic factors and domestic macroeconomic policies affect the business conditions faced by large and small firms. Introduction to macroeconomic modelling, forecasting and scenario planning.
ECON2420 provides a comprehensive analysis of the impact of macroeconomic conditions on business performance and decision-making. Throughout the course, we will delve into various macroeconomic factors, including aggregate demand for goods and services, interest rates, monetary policy, fiscal policy, exchange rates, the labor market, and the international economy. These factors will be examined within the context of macroeconomic fluctuations such as recessions, booms, and occasional economic and financial crises.
It is important to note that ECON2420 is not compatible with ECON2020. Consequently, if you are currently enrolled in the BEcon program, this course unfortunately cannot be credited towards your degree under the existing regulations. Furthermore, it is crucial to understand that this course does not serve as an equivalent or formal prerequisite for further studies in macroeconomics.
ECON2420 has been specifically designed to cater to students who are not enrolled in an Economics degree program but have a keen interest in gaining exposure to simplified explanations of key concepts covered in other Economics courses. These concepts are intended to be of practical use and to captivate a wider audience.
Course requirements
Assumed background
While having a background in ECON1020 (Introductory Macroeconomics) provides a significant advantage, it is important to note that capable students without this prerequisite can still successfully complete this course. It is possible to grasp the subject matter and meet the requirements even without prior knowledge of ECON1020.
It is worth mentioning that in macroeconomics, several terms, such as "saving" and "investment," have technical meanings that may differ from their conventional usage in everyday language. Throughout the course, we will ensure a comprehensive understanding of these terms within the context of macroeconomics, clarifying any discrepancies between their technical and everyday interpretations.
Prerequisites
You'll need to complete the following courses before enrolling in this one:
ECON1020 or 1011
Incompatible
You can't enrol in this course if you've already completed the following:
ECON2020
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
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. 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.
Public Holidays: Wed 14 August (Royal Queensland Show), Mon 7 October (King's Birthday).
In-Semester Break: 23 - 29 September. Semester 2 classes recommence Mon 30 September.
Aims and outcomes
The aims of this course are for students to:
- Understand key macroeconomic topics.
- Acquire an integrated view of macroeconomics.
- Analyse how the workings of fiscal andﾠmonetary policy impact on the economy.
- Analyse the determinants of economic growth.
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Explain the macroeconomics variables and the notion of equilibrium in the goods market and the determination of output.
LO2.
Explain the labour market equilibrium and the equilibrium in all three markets - goods, financial and labour - together.
LO3.
Explain the interplay between capital accumulation and growth, and explain the impact of technological progress on the growth rate of economies.
LO4.
Explain the real interest rate, nominal interest rate, and expected present discount value.
LO5.
Explain the implications of openness in goods markets and financial markets, and also know equilibrium in the goods market in an open economy.
LO6.
Utilise the IS-LM model to elucidate the impacts on the open economy.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Tutorial/ Problem Set | Problem Set | 30% |
23/08/2024 4:00 pm |
| Presentation | Assignment | 30% |
11/10/2024 4:00 pm |
| Paper/ Report/ Annotation | Assignment | 40% |
25/10/2024 4:00 pm |
Assessment details
Problem Set
- Mode
- Written
- Category
- Tutorial/ Problem Set
- Weight
- 30%
- Due date
23/08/2024 4:00 pm
- Learning outcomes
- L01
Task description
This is a set of problems and questions requiring explanations and calculations. They are based on lectures and tutorials 1 to 3 inclusive.
Note on use of AI in this assessment.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Blackboard
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 14 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 14 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
- Oral, Written
- Category
- Presentation
- Weight
- 30%
- Due date
11/10/2024 4:00 pm
- Learning outcomes
- L02, L03, L04, L05, L06
Task description
Students are required to prepare and present a 15 minute video recording of a PowerPoint (PPT) presentation of their own analysis of the Executive Summary of the OECD Economic Survey of the Australian economy in 2023. The assignment covers topics 4 to 10. (Further details will be provided.)
Note on use of AI in this assessment.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Blackboard
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 14 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 14 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
- 40%
- Due date
25/10/2024 4:00 pm
- Learning outcomes
- L01, L02, L03, L04, L05, L06
Task description
Students are required to write an analysis of the Reserve Bank of Australia Statement on Monetary Policy, February 2024. Students are given a set of specific questions requiring an explanation of various graphs and statements in the RBA’s document in terms of the models, concepts and economic mechanisms that have been covered in the course. The assignment covers all topics in the course. Further details will be provided.
Note on use of AI in this assessment.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
To be submitted by the due date and time via turnitin, BB.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 14 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 14 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.
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 link 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.
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 |
L1 Introduction. What business needs to know about macroeconomics. Reference: Abel et al. Chs 1, 2 Learning outcomes: L01, L02, L03 |
Week 2 (29 Jul - 04 Aug) |
Lecture |
L2 Business cycles. Reference: Abel et al., Ch. 8 Learning outcomes: L01, L02 |
Tutorial |
T1 Required text. Ch 1. Analytical problems 1, 2, 4. Numerical problem 1. Ch 2. Review questions 4, 8, 9, 10 Analytical problem 2. Learning outcomes: L01, L02, L03 |
|
Week 3 (05 Aug - 11 Aug) |
Lecture |
L3 Asset market, money and prices. Reference: Abel et al., Ch.7 Learning outcomes: L01, L04 |
Tutorial |
T2 Abel et al. Ch 8. Review questions 4, 6, 8. Analytical problems 2, 3, 4, 5 Learning outcomes: L01, L02 |
|
Week 4 (12 Aug - 18 Aug) |
Lecture |
L4 IS-LM-AS model. Reference: Abel et al., Ch.9 Learning outcomes: L01, L02, L03 |
Tutorial |
T3 Abel et al., Ch 7. Review questions 6, 9,10 Analytical problems 1, 2, 3, 4 NB: No classes on Wednesday due to public holiday. Students who normally have a tutorial on Wednesday should attend a tutorial on another day if possible. Learning outcomes: L01, L04 |
|
Week 5 (19 Aug - 25 Aug) |
Lecture |
L5 The labour market; wage and price flexibility and rigidity. Reference: Abel et al., Chs 10, 11 Learning outcomes: L02 |
Tutorial |
T4 Abel et a.., Ch 9. Review questions 2, 3, 4, 6, 7. Analytical problems 1, 2, 3 Learning outcomes: L01, L02, L03 |
|
Week 6 (26 Aug - 01 Sep) |
Lecture |
L6 Unemployment and inflation. Reference: Abel et al., Ch 12 Learning outcomes: L01, L02 |
Tutorial |
T5 Abel et al. Ch 10. Review questions 4, 9. Analytical problems 1, 3. Ch 11. Review questions 1, 2, 7 Learning outcomes: L02 |
|
Week 7 (02 Sep - 08 Sep) |
Lecture |
L7 Consumption, Saving and Investment in an Open Economy. Abel et al., Chs 4, 5 Learning outcomes: L04, L05, L06 |
Tutorial |
T6 Abel et al. Ch 12. Review questions 2, 3, 4. Analytical problems 1, 4, 6 Learning outcomes: L01, L02 |
|
Week 8 (09 Sep - 15 Sep) |
Lecture |
L8 Macroeconomic policy in an open economy Reference: Abel et al., Ch 13 Learning outcomes: L05, L06 |
Tutorial |
T7 Abel et al. Ch 4. Review questions 3, 5. Analytical problems 1, 2 Ch 5. Review questions 5, 8. Analytical problems 1, 5 Learning outcomes: L04, L05, L06 |
|
Week 9 (16 Sep - 22 Sep) |
Lecture |
L9 Monetary policy Reference: Abel et al., Ch 14 Learning outcomes: L01, L02, L04 |
Tutorial |
T8 Abel et al. Ch 13. Review questions 5, 7, 8, 9. Analytical problems 1, 2, 3 Learning outcomes: L05, L06 |
|
Mid Sem break (23 Sep - 29 Sep) |
No student involvement (Breaks, information) |
Mid-semester break No classes |
Week 10 (30 Sep - 06 Oct) |
Lecture |
L10 Government spending and financing. Reference: Abel et al., Ch 15 Learning outcomes: L01, L02, L04, L05, L06 |
Tutorial |
T9 Abel et al., Ch 14. Review questions 5, 7, 11. Analytical problems 1, 2, 3, 4. Learning outcomes: L01, L02, L04 |
|
Week 11 (07 Oct - 13 Oct) |
Tutorial |
T10 Abel et al., Ch 15. Review questions 3, 4, 5, 9. Analytical problems 2, 3 NB: No classes on Monday due to public holiday. Students who normally have a tutorial on Mondays should attend a tutorial on another day if possible. Learning outcomes: L01, L02, L04, L05, L06 |
Week 12 (14 Oct - 20 Oct) |
Lecture |
L11 Long Run Economic Growth. Reference: Abel et al., Chs 3, 6 Learning outcomes: L03 |
Tutorial |
T11 Review for the final assessment. Learning outcomes: L01, L02, L03, L04, L05, L06 |
|
Week 13 (21 Oct - 27 Oct) |
Lecture |
L12 Revision of the course content. Learning outcomes: L01, L02, L03, L04, L05, L06 |
Tutorial |
T12 Abel et al. Ch 3. Review questions 6, 9, 15. Analytical problem 1. Ch 6. Review questions 5, 8. Analytical problems 1, 2 Learning outcomes: L01, L02, L03, L04, L05, L06 |
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.