ECON 711 : Macroeconomic Theory and Policy

Business and Economics

2025 Semester One (1253) (15 POINTS)

Course Prescription

Discusses advanced analytical tools and concepts used in modern macroeconomics and shows how to apply these tools in policy settings. The focus will be on dynamic macroeconomic models with micro-foundations and their applications to understanding macroeconomic policy issues, such as growth, fluctuations, debt-crises, ageing, unemployment, and global imbalances.

Course Overview

In this course, students will learn the core analytical tools and frameworks underpinning modern macroeconomic theories involving dynamic optimization in models with an infinite horizon in discrete and continuous time, followed by calibration techniques for quantitative analysis of those models. Applications of theories will focus on policy issues related to growth, real business cycles, great recessions and the effectiveness of monetary policy. Thus the course will provide a stepping stone for students interested in pursuing further graduate study in applied macroeconomic topics. 

Course Requirements

No pre-requisites or restrictions

Capabilities Developed in this Course

Capability 3: Knowledge and Practice
Capability 4: Critical Thinking
Capability 5: Solution Seeking
Capability 6: Communication
Capability 7: Collaboration
Capability 8: Ethics and Professionalism
Graduate Profile: Master of Commerce

Learning Outcomes

By the end of this course, students will be able to:
  1. Analyse contemporary problems in macroeconomics (Capability 4)
  2. Demonstrate competencies in macroeconomic modelling (Capability 3 and 6.2)
  3. Use the key tools for quantitative macroeconomic analysis (Capability 5 and 7)
  4. Develop analytical frameworks for thinking about macroeconomic policy issues. (Capability 5 and 8)

Assessments

Assessment Type Percentage Classification
Quiz 1 25% Individual Test
Quiz 2 25% Individual Test
Final Exam 30% Individual Examination
Problem Sets 20% Individual Coursework
Assessment Type Learning Outcome Addressed
1 2 3 4
Quiz 1
Quiz 2
Final Exam
Problem Sets

Workload Expectations

This course is a standard 15 point course and students are expected to spend 10 hours per week involved in each 15 point course that they are enrolled in.

Delivery Mode

Campus Experience

Attendance on campus is required for lectures, the two quizzes and the final exam. Lectures will not be available as recordings. 

Learning Resources

Course materials are made available in a learning and collaboration tool called Canvas which also includes reading lists and lecture recordings (where available).

Please remember that the recording of any class on a personal device requires the permission of the instructor.

Recommended supplementary text: 
  • Acemoglu, Daron. Introduction to modern economic growth. Princeton university press, 2008.
  • Blanchard, Olivier, and Stanley Fischer. Lectures on macroeconomics. MIT press, 1989.
  • Ljungqvist, Lars, and Thomas J. Sargent, Recursive Macroeconomic Theory, Fourth Edition. MIT press, 2018.
  • Romer, David. Advanced macroeconomics, 5th Edition. McGraw-Hill, 2019.
  • Stokey, Nancy L., Robert E. Lucas, and Edward C. Prescott. Recursive Methods in Economic Dynamics. Harvard University Press, 1989.

Student Feedback

At the end of every semester students will be invited to give feedback on the course and teaching through a tool called SET or Qualtrics. The lecturers and course co-ordinators will consider all feedback and respond with summaries and actions.

Your feedback helps teachers to improve the course and its delivery for future students.

Class Representatives in each class can take feedback to the department and faculty staff-student consultative committees.

The course was redesigned by the new  lecturer in 2024.

Academic Integrity

The University of Auckland will not tolerate cheating, or assisting others to cheat, and views cheating in coursework, tests and examinations as a serious academic offence. The work that a student submits for grading must be the student's own work, reflecting their learning. Where work from other sources is used, it must be properly acknowledged and referenced. A student's assessed work may be reviewed against electronic source material using computerised detection mechanisms. Upon reasonable request, students may be required to provide an electronic version of their work for computerised review.

Class Representatives

Class representatives are students tasked with representing student issues to departments, faculties, and the wider university. If you have a complaint about this course, please contact your class rep who will know how to raise it in the right channels. See your departmental noticeboard for contact details for your class reps.

Inclusive Learning

All students are asked to discuss any impairment related requirements privately, face to face and/or in written form with the course coordinator, lecturer or tutor.

Student Disability Services also provides support for students with a wide range of impairments, both visible and invisible, to succeed and excel at the University. For more information and contact details, please visit the Student Disability Services’ website http://disability.auckland.ac.nz

Special Circumstances

If your ability to complete assessed coursework is affected by illness or other personal circumstances outside of your control, contact a member of teaching staff as soon as possible before the assessment is due.

If your personal circumstances significantly affect your performance, or preparation, for an exam or eligible written test, refer to the University’s aegrotat or compassionate consideration page https://www.auckland.ac.nz/en/students/academic-information/exams-and-final-results/during-exams/aegrotat-and-compassionate-consideration.html.

This should be done as soon as possible and no later than seven days after the affected test or exam date.

Learning Continuity

In the event of an unexpected disruption we undertake to maintain the continuity and standard of teaching and learning in all your courses throughout the year. If there are unexpected disruptions the University has contingency plans to ensure that access to your course continues and your assessment is fair, and not compromised. Some adjustments may need to be made in emergencies. You will be kept fully informed by your course co-ordinator, and if disruption occurs you should refer to the University Website for information about how to proceed.

Student Charter and Responsibilities

The Student Charter assumes and acknowledges that students are active participants in the learning process and that they have responsibilities to the institution and the international community of scholars. The University expects that students will act at all times in a way that demonstrates respect for the rights of other students and staff so that the learning environment is both safe and productive. For further information visit Student Charter https://www.auckland.ac.nz/en/students/forms-policies-and-guidelines/student-policies-and-guidelines/student-charter.html.

Disclaimer

Elements of this outline may be subject to change. The latest information about the course will be available for enrolled students in Canvas.

In this course you may be asked to submit your coursework assessments digitally. The University reserves the right to conduct scheduled tests and examinations for this course online or through the use of computers or other electronic devices. Where tests or examinations are conducted online remote invigilation arrangements may be used. The final decision on the completion mode for a test or examination, and remote invigilation arrangements where applicable, will be advised to students at least 10 days prior to the scheduled date of the assessment, or in the case of an examination when the examination timetable is published.

Published on 05/11/2024 01:35 p.m.