Macroeconomics 3

Subject ECON90048 (2012)

Note: This is an archived Handbook entry from 2012.

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

This subject has the following teaching availabilities in 2012:

Semester 2, Parkville - Taught on campus.
Pre-teaching Period Start not applicable
Teaching Period not applicable
Assessment Period End not applicable
Last date to Self-Enrol not applicable
Census Date not applicable
Last date to Withdraw without fail not applicable

Timetable can be viewed here. For information about these dates, click here.
Time Commitment: Contact Hours: Two 1-hour lectures and one 1-hour workshop per week
Total Time Commitment: Estimated total time commitment of 120 hours per semester
Prerequisites: ECON90047 Macroeconomics 2
Study Period Commencement:
Credit Points:
Semester 1
Corequisites: None
Recommended Background Knowledge: None
Non Allowed Subjects: None
Core Participation Requirements:

For the purposes of considering requests for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements for this entry.

The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website:


Dr Lawrence Uren


Graduate School of Business and Economics
Level 4, 198 Berkeley Street
Telephone: +61 3 8344 1670
Online Enquiries

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.

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.
  • One in-class test in the first half of the semester (10%)
  • 3,000 word assignment due in the second half of the semester (30%)
  • Two-hour final examination (60%)
Prescribed Texts: You will be advised of prescribed texts by your lecturer.
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
Related Course(s): Master of Management (Economics)

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