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Macroeconometrics (ECOM40003)
HonoursPoints: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable (login required)(opens in new window)
Contact information
Semester 1
Tomasz Wozniak: tomasz.wozniak@unimelb.edu.au
Overview
| Availability | Semester 1 |
|---|---|
| Fees | Look up fees |
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 put on modelling unit-root nonstationary processes that describe many economic time series well. Applications of the considered econometric techniques include forecasting and nowcasting macroeconomic variables including using big data, estimating the effects of monetary policy, as well as modelling of trend inflation. Topics in Climate Change include forecasting CO2 emissions for the 21st century and modelling long-run trends in global temperatures. Particular attention is paid to developing programming skills that allow for performing rigorous applied macroeconomic research in R.
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 uni- 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 modeling in climate change topics.
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;
- Critical thinking;
- Summary and interpretation of information;
- Using computer programs;
- Problem solving skills; and
- Written communication.
Last updated: 31 January 2024
Eligibility and requirements
Prerequisites
Admission into or selection of one of the following:
- BH-COM Bachelor of Commerce (Degree with Honours)
- Economics specialisation (formal) in the BH-ARTS Bachelor of Arts (Degree with Honours)
AND
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ECOM40006 | Econometrics 3 | Semester 1 (On Campus - Parkville) |
12.5 |
Corequisites
None
Non-allowed subjects
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ECOM90007 | Macroeconometrics | Semester 1 (On Campus - Parkville) |
12.5 |
Recommended background knowledge
Please refer to Prerequisites and Corequisites.
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
| Week 4 | 13% |
Assignment
| Week 8 | 13% |
Assignment
| Week 12 | 14% |
End-of-Semester Examination
| During the examination period | 60% |
Last updated: 31 January 2024
Dates & times
- Semester 1
Principal coordinator Tomasz Wozniak Mode of delivery On Campus (Parkville) Contact hours Total time commitment 170 hours Teaching period 26 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 ends 21 June 2024 Semester 1 contact information
Tomasz Wozniak: tomasz.wozniak@unimelb.edu.au
Time commitment details
170 Hours
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.
- 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