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Modelling the Australian Macroeconomy (ECOM90012)
Graduate courseworkPoints: 12.5On Campus (Parkville)
For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 2
Email: ghlim@unimelb.edu.au
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
Availability | Semester 2 |
---|---|
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
On successful completion of this subject, students should have improved the following generic skills:
- 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.
- moderate level of development: oral communication; written communication; collaborative learning; problem solving; evaluation of data and other information; use of computer software.
- some level of development: team work; accessing data and other information across a range sources.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
ECON40002 Advanced Macroeconomics and one of ECOM40006 Econometric Techniques or ECOM90013 Econometric Techniques
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECON40002 | Advanced Macroeconomics | Semester 1 (On Campus - Parkville) |
12.5 |
ECOM40006 | Econometrics 3 | Semester 1 (On Campus - Parkville) |
12.5 |
ECOM90013 | Econometrics 3 | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
ECOM40005 Modelling the Australian Macroeconomy
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECOM40005 | Modelling the Australian Macroeconomy | Semester 2 (On Campus - Parkville) |
12.5 |
Recommended background knowledge
Please refer to the prerequisites.
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
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
Description | Timing | Percentage |
---|---|---|
Class assignment
| Week 3 | 10% |
Class assignment
| Week 6 | 10% |
Class assignment
| Week 9 | 10% |
Class assignment
| Week 12 | 10% |
End-of-semester examination
| During the examination period | 60% |
Last updated: 3 November 2022
Dates & times
- Semester 2
Principal coordinator Guay Lim Mode of delivery On Campus (Parkville) Contact hours 3 hours of lectures/seminars per week. Total time commitment 170 hours Teaching period 3 August 2020 to 1 November 2020 Last self-enrol date 14 August 2020 Census date 21 September 2020 Last date to withdraw without fail 16 October 2020 Assessment period ends 27 November 2020 Semester 2 contact information
Email: ghlim@unimelb.edu.au
Time commitment details
Estimated total time commitment of 170 hours per semester
Last updated: 3 November 2022
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
- Subject notes
Students may not gain credit for both ECOM90012 Modelling the Australian Macroeconomy and ECOM40005 Modelling the Australian Macroeconomy.
- Related Handbook entries
This subject contributes to the following:
Type Name Course Master of Economics Course Master of Applied Econometrics - Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- 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