Syllabus for Macroeconomics 1 (2150)

Syllabus for Macroeconomics 1 (2150)

Course syllabus


This course has been designed around 3 sequential parts.


PART A: Goals of economics

In this section, we build students’ familiarity with the broad range of economic issues that economists care about. We take a comprehensive approach towards understanding the range of factors that matter for wellbeing and prosperity at a macroeconomic level.

We learn about the indicators that economists use to measure key economic problems and give students the tools to practically manage and analyse economic data. Students will learn about the composition and performance of the Australian economy, as well as the broader Asia-Pacific region and trends in the global economy.

We introduce students to the fundamental models of economic growth, taking a forward-looking approach by focusing on the most important factors that will drive a country's economic prosperity in the future.

Students are introduced to core principles of economic thinking in the context of these big real-world problems.


PART B: A closer look at economic problems to be solved

In this section, we take a closer look at the economic problems that can de-stabilise the economy and affect overall wellbeing: unemployment; rising costs of living; economic inequality; international volatility; financial shocks; and environmental sustainability.

With each problem, students learn the macroeconomic framework that can be applied to understand what caused the problem, who is most affected, and what determines its severity.


PART C: Our policy toolkit

In this section, we learn about the policies we have available to rectify these economic challenges.

We build students' understanding of the tools of fiscal policy and monetary policy. We expand the policy toolkit to also look at the way that policies relating to innovation, human capital, technological advancement, institutional settings and international cooperation also play a role in addressing macroeconomic objective.

To demonstrate the real-world applicability of these principles and policy toolkit, we look at the economic impacts of the COVID-19 pandemic on the Australian and world economy, assess current policies, and identify what policies will be needed in the future.


The outline of weekly topics can be found in the Teaching Schedule below:

  Week
  Topic
  Textbook resources
  (Additional readings and material will be
  shared in lectures)
  Tutorials
  (Additional material will be
  included in your tutorial
  worksheets)
  Assessment
  PART A: Goals of economics
  1
  What do
  economists
  care about?
  CORE Unit 1 (The Capitalist Revolution)
  CORE Unit 16 (Technological progress,
  unemployment, and living standards in the
  long run)
  No tutorial this week

  2
  A picture of
  the Australian
  and world
  economy
  CORE Unit 18 (The nation and the world
  economy)
  Tutorials start in Week 2

  3
  How can we
  measure
  economic
  activity?
  CORE Unit 13 (Economic fluctuations and
  unemployment)


  4
  Human capital,
  technology
  and innovation
  as drivers of
  economic
  prosperity
  CORE Unit 16 (Technological progress,
  unemployment, and living standards in the
  long run)

  Assignment 1 due
  PART B: A closer look at economic problems to be solved
  5
  Unemployment
  and costs of
  living
  CORE Unit 13 (Economic fluctuations and
  unemployment)


  6
  Economic inequality
  CORE Unit 19 (Economic inequality)
  CORE Unit 5 (Property and power)


  7
  Economic
  shocks and
  environmental
  sustainability
  CORE Unit 17 (The Great Depression and
  Global Financial Crisis)
  CORE Unit 20 (The Economics of the
  Environment)


  PART C: Our policy toolkit
  8
  Fiscal policy
  CORE Unit 22 (Economics, politics, and
  public policy)
  CORE Unit 14 (Unemployment and fiscal
  policy)

  Assignment 2 due
  9
  Monetary policy
  CORE Unit 15 (Inflation and monetary
  policy)


  10
  Innovation policy
  CORE Unit 21 (Innovation, information,
  and the networked economy)


  11
  Financial
  system and
  institutions
  CORE Unit 10 (Banks, money and the
  credit market)
  CORE Unit 17 (The Great Depression and
  Global Financial Crisis)


  12
  Globalisation and
  international
  cooperation
  CORE Unit 4 (Social interactions)
  CORE Unit 18 (The nation and the world
  economy)
  CORE Unit 20 (The economics of the
  environment)
  Last tutorial

  End of lecture period
  13


  Tutors will be available for consultation

  14










2021-08-02