ECON 3017 Macroeconomic Measures and Models

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Credit Points 10

Legacy Code 200926

Coordinator Mamta Chowdhury Opens in new window

Description The subject equips students with formal tools to analyse macroeconomic problems. Students learn to use macroeconomic terms and measures competently in discussion, and interpret data from the income, product, external and government accounts, and labour force surveys. Through hands-on experience constructing and applying price indices, deflators and productivity measures, they acquire practical skills and a sound conceptual understanding of economic variables and the accounting framework. Students come to appreciate the power of macroeconomic models, learning how to capture myriad mechanisms and feedbacks in a single framework, for example to define and quantify multipliers and crowding-out effects. Finally, students gain an understanding of fundamental external constraints, such as international parity and balance of payments equilibrium conditions.

School Business

Discipline Economics

Student Contribution Band HECS Band 4 10cp

Check your HECS Band contribution amount via the Fees page.

Level Undergraduate Level 3 subject

Equivalent Subjects ECON 3016 - Macroeconomic Issues

Assumed Knowledge

Knowledge acquired in introductory microeconomics, macroeconomics and accounting.

Learning Outcomes

On successful completion of this subject, students should be able to:

Access and transform statistical data from the income, product, external and government accounts, and labour force surveys.
Construct and apply price indices, deflators and productivity measures.
Demonstrate practical skills in manipulating and presenting data, and a thorough conceptual understanding of economic variables and the accounting framework.
Derive and interpret simple macroeconomic models and use them to define and quantify multipliers and crowding-out effects.
Explain and apply knowledge of an economy�fs fundamental external constraints, such as international parity and balance of payments equilibrium conditions.

Subject Content

1. Price indices and computation of real variables.
2. Income and product accounts; measurement of growth and cycles.
3. Labour market measures, Okun?fs Law.
4. Measurement and analysis of productivity growth.
5. Economic growth accounting, models and theories.
6. Income-expenditure, IS-LM, Phillips Curve and AS-AD models.
7. Demand management and multipliers: modelling and measurement.
8. Balance of payments accounting, dynamics of current account and external liabilities.
9. Parity conditions, external balance, adjustment mechanisms.
10. Exchange rate regimes, parity conditions, balance of payments equilibrium conditions.

Assessment

The following table summarises the standard assessment tasks for this subject. Please note this is a guide only. Assessment tasks are regularly updated, where there is a difference your Learning Guide takes precedence.