Lecturer
Dr Salonkara Chaudhuri
Course overview
- Study period
- Semester 1, 2025 (24/02/2025 - 21/06/2025)
- Study level
- Postgraduate Coursework
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
Recent developments in macroeconomic theory and relationships to economic policy.
This course explores advanced topics in modern Macroeconomics, building on foundational material from prerequisite courses. Students will analyse aggregate economic activity through the lens of microfounded macroeconomic models, integrating theoretical frameworks with data analysis to deepen their understanding of macroeconomic dynamics.
Course requirements
Assumed background
It is assumed that students have completed the intermediate ECON7021 (macroeconomics), or equivalent, and that they have a solid understanding of the basic theories of economic growth andﾠmedium run adjustment over the business cycle.ﾠ Students should be aware that the trend in macroeconomics is towards understanding aggregate economic activity through examination of models with well-defined, consistent ‘foundations’ at the microeconomic level. ﾠ
Someﾠintermediate concepts from microeconomics will be used in this course.ﾠStudents should also be aware that algebra and elementary calculus will be used in the development and explanation of economic frameworks. Students should expect to see economic analysis explained graphically, mathematically and in words and are expected to work towards an understanding of economic models as a means of comprehending the role and effectiveness of economic policy.
ﾠ
Prerequisites
You'll need to complete the following courses before enrolling in this one:
ECON2020 or 7020 or 7021
Incompatible
You can't enrol in this course if you've already completed the following:
ECON3020
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. - econ7040@uq.edu.au
Course staff
Course coordinator
Dr Suzanne Bonner
Tutor
Mr Daniel Liao
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Additional information on Tutorials can be found on Blackboard. A consultation timetable listing the consultation times/locations of teaching staff will be posted on the Blackboard site under "Announcements".
Lectures commence in Week 1.
Tutorials commence in Week 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 this course is to study the key issues in Macroeconomics at the advanced level with an emphasis on analytical modelling.ﾠModels of business cycle fluctuations and stabilization policy are covered in the firstﾠhalf. The second half of the course will provide a details look at theories of long run growth. Students also be providedﾠthe opportunity to independently research, andﾠcritically reflect on, some of the core ideas in macroeconomics, including how the macroeconomy is measured, the monetary systemﾠand monetary policy, the boom and bust cycles, growth and globalisation.ﾠ
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Analyse the key modern issues in Macroeconomics, such as economic growth, business cycles, consumption, savings, investment, government expenditure and unemployment, with an emphasis on stylised facts, analytical modelling and statistical underpinnings.
LO2.
Examine macroeconomic policy challenges in industrial and developing countries and to assess the contribution of macroeconomic policies to growth and stabilisation.
LO3.
Explain the hidden logic behind, and critique, macroeconomic models using both a formal mathematical approach, econometric analysis, and critical reasoning.
LO4.
Evaluate the links between macroeconomic analysis, macroeconomic policymaking, and other social sciences, including political science.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Examination |
In-Semester Exam
|
25% |
15/04/2025 5:40 pm
Exam starts at 4:00 pm and ends at 5:40 pm on 15/04/2025. |
| Project | Research Assignment | 40% |
28/04/2025 - 22/05/2025
Research assignment is due by 4:00 pm on 22/05/2025. |
| Examination |
Final Exam
|
35% |
End of Semester Exam Period 7/06/2025 - 21/06/2025 |
Assessment details
In-Semester Exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 25%
- Due date
15/04/2025 5:40 pm
Exam starts at 4:00 pm and ends at 5:40 pm on 15/04/2025.
- Learning outcomes
- L01, L02, L03, L04
Task description
This will be a closed-book, invigilated, paper-based in-semester exam, to be held during class. It will cover material from Weeks 1 through 6 (inclusive), and will consist of short answer and problem solving questions.
This assessment task is to be completed in-person. The use of generative Artificial Intelligence (AI) or Machine Translation (MT) tools will not be permitted. Any attempted use of AI or MT may constitute student misconduct under the Student Code of Conduct.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 90 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.
Research Assignment
- Mode
- Written
- Category
- Project
- Weight
- 40%
- Due date
28/04/2025 - 22/05/2025
Research assignment is due by 4:00 pm on 22/05/2025.
- Learning outcomes
- L01, L02, L03, L04
Task description
The research assignment is a challenging, authentic and complex assessment task that has been designed to connect the theories covered in class with the evidence.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI) or Machine Translation (MT). Students are advised that the use of AI or MT technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
The research assignment must be submitted electronically by the due date and time via the Turnitin link on the course Learn.UQ (Blackboard) site.
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
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 35%
- Due date
End of Semester Exam Period
7/06/2025 - 21/06/2025
- Learning outcomes
- L01, L02, L03, L04
Task description
This will be a closed-book invigilated, paper-based exam, to be held during the examination period. It will cover material from all lectures, and will consist of short answer and problem solving questions.
This assessment task is to be completed in-person. The use of generative Artificial Intelligence (AI) or Machine Translation (MT) tools will not be permitted. Any attempted use of AI or MT may constitute student misconduct under the Student Code of Conduct.
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 and Procedures. Please refer to the Academic Integrity Modules (AIM). It is strongly recommended that you complete the AIM if 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 (24 Feb - 02 Mar) |
Lecture |
Week 1 Introduction to the Long Run and Basic Solow Model Reading: Ch 4 & Ch 5 (Garin et al.) Learning outcomes: L01, L02, L03, L04 |
Week 2 (03 Mar - 09 Mar) |
Tutorial |
Tutorial 1 Introduction to the Long Run and Basic Solow Model Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 2 Augmented Solow model Reading: Ch 6 (Garin et al.) Learning outcomes: L01, L02, L03, L04 |
|
Week 3 (10 Mar - 16 Mar) |
Tutorial |
Tutorial 2 Augmented Solow model Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 3 Overlapping Generations Model - Part 1 Reading: Ch 8 (Garin et al.); Ch 3 (Heer) Learning outcomes: L01, L02, L03, L04 |
|
Week 4 (17 Mar - 23 Mar) |
Tutorial |
Tutorial 3 Overlapping Generations Model - Part 1 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 4 Overlapping Generations Model - Part 2 Reading: Ch 8 (Garin et al.); Ch 3 (Heer) Learning outcomes: L01, L02, L03, L04 |
|
Week 5 (24 Mar - 30 Mar) |
Tutorial |
Tutorial 4 Overlapping Generations Model - Part 2 Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 5 Endogenous Growth Theory Reading: Ch 3 (Romer) Learning outcomes: L01, L02, L03, L04 |
|
Week 6 (31 Mar - 06 Apr) |
Tutorial |
Tutorial 5 Endogenous Growth Theory Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 6 Cross-Country Income Differences and Convergence Reading: Ch 7 (Garin et al.) Learning outcomes: L01, L02, L03, L04 |
|
Week 7 (07 Apr - 13 Apr) |
Tutorial |
Tutorial 6 Cross-Country Income Differences and Convergence Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 7 Business Cycle Theories: RBC vs. New Keynesian Reading: Ch 18, Ch 19 & Ch 20 (Garin et al.) Learning outcomes: L01, L02, L03, L04 |
|
Week 8 (14 Apr - 20 Apr) |
Tutorial |
Tutorial 7 Business Cycle Theories: RBC vs. New Keynesian Learning outcomes: L01, L02, L03, L04 |
No student involvement (Breaks, information) |
Public Holiday - Good Friday Friday 18/04/2025 No tutorials on this day. Students are invited to attend another tutorial for this week only. |
|
Mid-sem break (21 Apr - 27 Apr) |
No student involvement (Breaks, information) |
In-semester Break No lecture, tutorials or consultation. |
Week 9 (28 Apr - 04 May) |
Tutorial |
Tutorial 8 Review of answers to in-semester exam Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 9 New Keynesian Model: Microfoundations of IS-LM Reading: Ch 24 (Garin et al.) Learning outcomes: L01, L02, L03, L04 |
|
Week 10 (05 May - 11 May) |
No student involvement (Breaks, information) |
Public Holiday - Labour Day Monday 05/05/2025 No tutorials on this day. Students are invited to attend another tutorial for this week only. |
Tutorial |
Tutorial 9 New Keynesian Model: Microfoundations of IS-LM Learning outcomes: L01, L02, L03, L04 |
|
Lecture |
Week 10 New Keynesian Model: Microfoundations of the Supply Side Reading: Ch 25 (Garin et al.) Learning outcomes: L01, L02, L03, L04 |
|
Week 11 (12 May - 18 May) |
Tutorial |
Tutorial 10 New Keynesian Model: Microfoundations of the Supply Side Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 11 Monetary and Fiscal Policy in the New Keynesian Model Reading: Ch 28 (Garin et al.) Learning outcomes: L01, L02, L03, L04 |
|
Week 12 (19 May - 25 May) |
Tutorial |
Tutorial 11 Monetary and Fiscal Policy in the New Keynesian Model Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 12 The Zero Lower Bound & Monetary Policy in Crisis Reading: Ch 29 (Garin et al.) Learning outcomes: L01, L02, L03, L04 |
|
Week 13 (26 May - 01 Jun) |
Tutorial |
Tutorial 12 The Zero Lower Bound & Monetary Policy in Crisis Learning outcomes: L01, L02, L03, L04 |
Lecture |
Week 13 Financial Crises & the Role of Banks Reading: Ch 31 & Ch 36 (Garin et al.) 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.