Macroeconometrics (ECOM90007)

Graduate courseworkPoints: 12.5On Campus (Parkville)

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Overview

Availability
Semester 1
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Decision making in central banks, consulting firms, and other institutions relies on advanced empirical analyses of economic data. This subject provides a cutting-edge econometric methodology for empirical macroeconomic research. The focus is on modelling unit-root nonstationary processes that describe many economic time series. Applications of these econometric techniques include forecasting and nowcasting macroeconomic variables including using big data, estimating the effects of monetary policy, as well as modelling trend inflation. Topics in climate change include forecasting CO2 emissions for the 21st century. The focus is on the development of programming skills that allow for performing rigorous applied macroeconomic research in R. 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:

  • Apply quantitative analysis to model and forecast the essential variables and quantities for the empirical macroeconomic research
  • Understand, derive, and program estimation algorithms for univariate and multivariate structural models and for economically interpretable quantities such as impulse response functions and forecast error variance decompositions, inflation trend, output gap, etc.
  • Comprehend and apply Bayesian analysis of unit-root nonstationary variables in univariate and multi-variate systems
  • Forecast economic variables of interest, with the focus on density forecasting, using big data with dedicated models applying appropriate numerical techniques that make the task computationally feasible
  • Use structural multivariate models to identify the monetary policy shock and estimate its effect on the real business cycle indicators
  • Understand and estimate state-space models in macroeconomic applications
  • Apply macroeconomic modelling in climate change topics
  • Orally present the results of an independent piece of research
  • Complete a written research project

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
  • Accessing economic and other information
  • Summary and interpretation of information
  • Application of Windows software
  • Using computer programs
  • Statistical reasoning
  • Problem solving skills
  • Written communication

Last updated: 8 November 2024

Eligibility and requirements

Prerequisites

One of

Code Name Teaching period Credit Points
ECOM30002 Econometrics 2
Semester 1 (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
 12.5
ECOM90002 Econometrics 2
Semester 1 (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
 12.5

Admission into or selection of one of the following:

  • MC-ECO Master of Economics
  • MC-APPECON Master of Applied Econometrics
  • MC-AEMTRCS Master of Applied Econometrics
  • MC-AECOENH Master of Applied Econometrics (Enhanced)

Corequisites

None

Non-allowed subjects

Code Name Teaching period Credit Points
ECOM40003 Macroeconometrics
Semester 1 (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: 8 November 2024

Assessment

DescriptionTimingPercentage

Test 1

  • 30 minutes
Week 410%

Test 2

  • 30 minutes
Week 610%

Test 3

  • 30 minutes
Week 810%

Research Project (including Oral Presentation)

  • 4000 words
From Week 10 to Week 1270%

Additional details

Students are required to complete an oral presentation of their Research Project in Week 10.  The final version of the Research Project is due in Week 12.

The Research Report is not to exceed 4,000 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: 8 November 2024

Dates & times

  • Semester 1
    Principal coordinatorTomasz Wozniak
    Mode of deliveryOn Campus (Parkville)
    Contact hours2 x 1.5 hour recorded lecture.
    Total time commitment170 hours
    Teaching period26 February 2024 to 26 May 2024
    Last self-enrol date 8 March 2024
    Census date 3 April 2024
    Last date to withdraw without fail 3 May 2024
    Assessment period ends21 June 2024

    Semester 1 contact information

    tomasz.wozniak@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: 8 November 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 ECOM40003 Macroeconometrics and ECOM90007 Macroeconometrics.

  • Related Handbook entries

    This subject contributes to the following:

    TypeName
    CourseMaster of Economics
    CourseMaster 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.

    Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants

    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: 8 November 2024