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Modelling the Australian Macroeconomy (ECOM90012)
Graduate courseworkPoints: 12.5On Campus (Parkville)
To learn more, visit 2023 Course and subject delivery.
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
Overview
Availability | Semester 2 |
---|---|
Fees | Look up fees |
The aim of this subject is to provide students with a solid grounding in modern applied macroeconomic modelling. There are two components to the course. The first is theoretically orientated and builds on New Keynesian Dynamic Stochastic General Equilibrium (DSGE) models used to analyse the business cycle effects of macroeconomic policies. The second component is empirical. It will focus on the estimation of DSGE and the estimation and identification of Structural Vector Auto-Regressions (SVARs). Attention will be devoted to core components of a closed-economy frameworks as well as small-open economy models. Applications to Australia will be discussed. This subject also provides students with the experience of carrying out a research-based project on a specific topic in applied econometrics.
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
- Orally present the results of an independent piece of research
- Complete a written research report
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: 31 January 2024
Eligibility and requirements
Prerequisites
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECON40002 | Advanced Macroeconomics | Semester 1 (On Campus - Parkville) |
12.5 |
AND
One of
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECOM40006 | Econometrics 3 | Semester 1 (On Campus - Parkville) |
12.5 |
ECOM90013 | Econometrics 3 | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
Non-allowed subjects
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: 31 January 2024
Assessment
Description | Timing | Percentage |
---|---|---|
Assignment 1
| Week 6 | 20% |
Assignment 2
| Week 10 | 20% |
Research Project (including Oral Presentation)
| From Week 12 to Week 13 | 60% |
Additional details
Students are required to complete an oral presentation of their Research Project in Week 12. The final version of the Research Project is due in Week 13.
The Research Report is not to exceed 3,000 words. An electronic copy of the completed Research Report is required to be submitted. A copy of all data used and any relevant work-files containing transformed data will also be required to be submitted at the same time.
Last updated: 31 January 2024
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 24 July 2023 to 22 October 2023 Last self-enrol date 4 August 2023 Census date 31 August 2023 Last date to withdraw without fail 22 September 2023 Assessment period ends 17 November 2023 Semester 2 contact information
Email: ghlim@unimelb.edu.au
Time commitment details
Estimated total time commitment of 170 hours per semester
What do these dates mean
Visit this webpage to find out about these key dates, including how they impact on:
- Your tuition fees, academic transcript and statements.
- And for Commonwealth Supported students, your:
- Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.
Last updated: 31 January 2024
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 Applied Econometrics Course Master of Economics - 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: 31 January 2024