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Modelling the Australian Macroeconomy (ECOM40005)
HonoursPoints: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 2
Overview
Availability | Semester 2 |
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Fees | Look up fees |
This subject examines the use of macroeconomic models in economic policy analysis. The overall aim of the course is to discuss system approaches to estimating the macro-economy. Special attention will be paid to the SVAR and DSGE approaches and the relationship between them. The course will also include a discussion of optimal and unconventional policies. Topics include: impulse response functions, policy multipliers; policy simulation techniques and sensitivity analysis of economy-wide models. Applications to Australia will also be discussed.
Intended learning outcomes
On successful completion of this subject students should be able to:
- Specify and estimate VAR/SVAR models;
- Generate and understand impulse response functions and forecast error variance decompositions;
- Understand alternative identification strategies and apply them to identify monetary policy shocks, fiscal shocks and technology shocks;
- Specify a basic New Keynesian model; generalise it for a small open economy as well as other commonly included extensions in empirical applications;
- Apply econometrics methods (Generalized Method of Moments and the Kalman filter) commonly used to estimate DSGE models;
- Analyse policies by simulating DSGE models;
- Understand the relevance of optimal and unconventional policies;
- Evaluate recent central bank and academic research using VAR/SVAR and small-open economy DSGE models.
Generic skills
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High level of development: statistical reasoning; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information; receptiveness to alternative ideas.
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Moderate level of development: oral communication; written communication; collaborative learning; problem solving; evaluation of data and other information; use of computer software.
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Some level of development: team work; accessing data and other information from a range of sources.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
Admission into BH-COM or BH-ARTS (Economics) and both;
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECOM40006 | Econometrics 3 | Semester 1 (On Campus - Parkville) |
12.5 |
ECON40002 | Advanced Macroeconomics | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECOM90012 | Modelling the Australian Macroeconomy | Semester 2 (On Campus - Parkville) |
12.5 |
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 3 November 2022
Assessment
Additional details
- A 2-hour end-of-semester examination, end of semester (60%)
- Four class assignments (approximately 500 words each), to be completed approximately in weeks 3, 6, 9 and 12 (40%)
Successful completion of this subject requires a pass (50%) in the final exam.
Last updated: 3 November 2022
Dates & times
- Semester 2
Principal coordinator Guay Lim Mode of delivery On Campus (Parkville) Contact hours Three hours of lectures/seminars per week Total time commitment 170 hours Teaching period 29 July 2019 to 27 October 2019 Last self-enrol date 9 August 2019 Census date 31 August 2019 Last date to withdraw without fail 27 September 2019 Assessment period ends 22 November 2019 Semester 2 contact information
Time commitment details
170 Hours
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
Recommended texts and other resources
Information Not Available
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 3 November 2022