Foundations in Macroeconomics (ECON7001)

Course overview

This is an introductory course in Macroeconomics. This course covers important macroeconomic issues such as growth, inflation, unemployment, interest rates, exchange rates, technological progress, and budget deficits. The course will provide a unified framework to address these issues and to study the impact of different policies, such as monetary and fiscal policies, on the aggregate behavior of individuals.

Overview

The macroeconomy affects business conditions and wider social conditions. The behaviour of an economy as a whole is often broadly predictable, but sometimes it can suddenly change. This course is about explaining the patterns of behaviour that we observe.ﾠIt considers long-term economic growth in living standards in developed and developing economies. It also explains why a national (or global) economy experiences short-term cycles in activities (e.g., recessions and recoveries) around its long-term growth trend. It explains what central banks and governments can do to try to smooth these fluctuations and to raise the trend. Simple and standard theories or ‘models’ (widely used by decision-makers in the government and the private sector) are explained intuitively. The behaviour of the financial system, including the banking system and asset markets, is considered, especially in light of the global financial crisis.

Blended-learning

ECON7001ﾠisﾠa blended-learning course with the following learning activities:ﾠ

1. Weeklyﾠpre-recordedﾠonline lecturesﾠduring weeks 1-12ﾠ(note: there are only 10 topics)
2. Weeklyﾠin person tutorialsﾠduring weeks 1-12ﾠ(note:ﾠtutorial starts from week 2)
3. Weeklyﾠin person workshopsﾠduring weeks 1-13ﾠ(note:ﾠworkshop starts from week 1)

What is the difference between the workshop and the lecture? At the end of each week's online lecture (which takes place on an online course platform called UQ Extend), there will be a survey for you to indicate which part of that week's topic is difficult and needs more elaboration. The course coordinator/instructor will then organise the content of the workshop for that topic based on your suggestions. In addition, the course coordinator/instructorﾠwill also use the workshop to discuss some relevant current macroeconomic events in the content of the course.

Course requirements

Assumed background

Economicsﾠ- This is an introductory course without prerequisites. We assume that you have not studied economics before. It is unlikely that much of this course is a mere repetition or compression of high school economics.

Prior or concurrent study of ECON7000ﾠ(Foundations inﾠMicroeconomics) is recommended but not required.

Mathematicsﾠ-ﾠThe assumed mathematical background of people enrolling in ECON7001ﾠis modest. You need to know basic arithmetic (+, -, x, /). You will need to perform very simple manipulations of equations (e.g., re-arranging terms).

Note that higher-level courses (e.g. ECON7021, ECON7040) often involve more mathematics. So, if you are planning to take later core microeconomics or macroeconomics courses, we advise you to takeﾠECON7150ﾠor its equivalentﾠearlyﾠin your degree program, especially if your maths background is weak.

Incompatible

You can't enrol in this course if you've already completed the following:

ECON1020 and ECON7020

Course contact

Course staff

Timetable

The timetable for this course is available on the UQ Public Timetable.

Additional timetable information

Students are required to select their preferred class times through My Timetable and attend their allocated timeslot. The timetable is published through the UQ Public Timetable found in the APPs section of myUQ.ﾠ

Tutorials start in teaching week 2.

All assessment dates are already scheduled (see Assessment section). Please write down all these dates in your personal diary at once. Block also in your diary the days during which you will need to revise to prepare for each assessment.

Please see the Learning Activities section of this Course Profile for the timetabling implications of public holidays.

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.

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. The timetable can be downloaded hereﾠPublic Timetable.

Aims and outcomes

This course aims to provide you with a grasp of essential macroeconomic concepts and theories, enablingﾠyou to understand contemporary domestic and international macroeconomic issues.ﾠ

Learning outcomes

After successfully completing this course you should be able to:

Assessment

Assessment summary

Assessment details

Country Briefing and Excel Data File

Mode

Written

Category

Paper/ Report/ Annotation

Weight

35%

Due date

4/09/2024 1:00 pm

Learning outcomes

L01, L02, L03, L04, L05

Task description

Submission guidelines

Country Briefing must be submitted via the Turnitin link on Blackboard.

Excel Data File must be submitted via another link on Blackboard (just below the Turnitin link).

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.

Please see the "Additional Information" section below for further information regarding extension of assessment due date (EADD) requests.

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.

That is:

• 10 marks penalty if submitted within 24 hours after the deadline
• 20 marks penalty if submitted between 24 to 48 hours after the deadline
• …
• 70 marks penalty if submitted between 144 to 168 hours after the deadline
• After 168 hours, a zero mark will be given.

The penalty rate is based on the submission times of the Country Briefing and the Excel Data File, whichever is later. For example, if the Country Briefing is 18 hours late and the Excel Data File is 25 hours late, then the penalty will be based on the submission time of the Excel Data File, i.e. 20 marks.

Policy Report

Mode

Written

Category

Paper/ Report/ Annotation

Weight

35%

Due date

2/10/2024 1:00 pm

Learning outcomes

L01, L02, L03, L04, L05

Task description

Submission guidelines

Submit via the Turnitin link on 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.

Please see the "Additional Information" section below for further information regarding extension of assessment due date (EADD) requests.

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.

That is:

• 10 marks penalty if submitted within 24 hours after the deadline
• 20 marks penalty if submitted between 24 to 48 hours after the deadline
• …
• 70 marks penalty if submitted between 144 to 168 hours after the deadline
• After 168 hours, a zero mark will be given.

MCQ + RiPPLE

Mode

Written

Category

Participation/ Student contribution, Quiz

Weight

30% (Best 9 of 12)

Due date

Week 2 - Exam week 2

See the task description for more information on the due dates.

Learning outcomes

L01, L02, L03, L04, L05

Task description

Submission guidelines

CML assessments are posted and answered on Blackboard.

Deferral or extension

You cannot defer or apply for an extension for this assessment.

Late submission

CML assessments close on the due date. No late submission is allowed.

Course grading

Full criteria for each grade is available in the Assessment Procedure.

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

Key Points for Extension of Assessment Due Date (EADD) Requests:

•  Requests must be made BY THE STUDENT and submitted via my.UQ. This applies even where a student has a Student Access Plan (SAP) in place. 
• Requests must be submitted on or before the assessment item’s due date and time. Requests for extensions received after the due date and time must include evidence of the reason for the late request. 
• Acceptable reasons for an extension include medical reasons, a current SAP, or other exceptional circumstances. Detailed information and the supporting documentation required must be attached to the EADD request. 
• Unacceptable grounds for an extension include: 

o   misreading an assignment due date or time,

o   computer or internet problems

o   holiday arrangements

o   unexpected events causing the loss of a few hours of study time close to the due date

o   difficulty studying effectively or adjusting to the demands of university life

o   visa or financial problems

o   everyday levels of stress and/or anxiety associated with employment and/or studying

o   ordinary family events or commitments

o   dysfunctional group dynamics, poor performance by individual group members, or illness or other issues of a group member

Plagiarism

The School of Economics is committed to reducing the incidence of plagiarism.ﾠFurther information on plagiarism and how to avoid an allegation of plagiarism is available in this course profile under Section 6.1 - Assessment Related Policies & Guidelines. Please refer to Section 6.1 and the link to theﾠAcademic Academic Integrity Module (AIM). It is strongly recommended that youﾠcomplete the AIMﾠif you have not already done so.

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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

It is important to visitﾠBlackboardﾠregularly for announcements, and other support material.

Learning activities

The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.

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.