Macroeconomics 3

Subject 316-892 (2009)

Note: This is an archived Handbook entry from 2009. Search for this in the current handbook

Credit Points: 12.50
Level: 9 (Graduate/Postgraduate)
Dates & Locations:

This subject is not offered in 2009.
Time Commitment: Contact Hours: Two 1-hour lectures and one 1-hour workshop per week. (Not offered in 2009).
Total Time Commitment: Not available
Prerequisites: 316-891 Macroeconomics 2.
Corequisites: None
Recommended Background Knowledge: None
Non Allowed Subjects: None
Core Participation Requirements:

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability
Subject Overview: This subject introduces students to the general equilibrium approach to the modelling the macroeconomy. Topics include the study of the business cycle, growth models and open economy Macroeconomics.
Objectives:

On successful completion of this subject students should be able to:

  • Identity the fundamental differences between the Neo-Walrasian and Keynesian research programmes;
  • Analyse the business cycle using the Lucas imperfect information and Real Business Cycle models;
  • Explain the concept of rational expectations and identify its implications including the monetary rules versus discretion debate, the Lucas critique and the consumption random walk hypothesis;
  • Describe the Solow-Swan neoclassical growth model, simple models of endogenous growth, and understand issues related to the empirical analysis of economic growth.
Assessment: One in-class test in the first half of the semester (10%), a 3,000 word assignment due in the second half of the semester (30%) and a two-hour final examination (60%).
Prescribed Texts: None
Breadth Options:

This subject is not available as a breadth subject.
Fees Information: Subject EFTSL, Level, Discipline & Census Date
Generic Skills:

On successful completion of this subject, students should have improved the following generic skills:

  • Evaluation of ideas, views and evidence
  • Synthesis of ideas, views and evidence
  • Strategic thinking
  • Critical thinking
  • Application of theory to economic policy and business decision making
  • Accessing economic and other information
  • Summarise and interpretation of information
  • Statistical reasoning
  • Problem solving skills
  • Collaborative learning and team work
  • Written communication
  • Oral communication
Notes: Not offered in 2009.
Related Course(s): Master of Management (Economics)

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