General Information
Why are economies unstable? Can globalisation benefit all? How do we achieve a sustainable economy? Does inequality undermine macroeconomic performance? Macroeconomics provides the tools to understand these and many other questions facing entire economies. Unlike microeconomics which examines the economic actions of individual households, firms or industries, macroeconomics considers the economy as a whole. Understanding and explaining the importance of national income, monetary systems, employment, economic productivity and international trade are all central to this subject. You will also learn to explain and interpret current economic conditions and evaluate the short-term and long-term consequences of various macroeconomic interventions (e.g., tax levels, monetary supply, tariffs).
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Details
Academic unit: Bond Business School Subject code: ECON12-202 Subject title: Macroeconomics Subject level: Undergraduate Semester/Year: May 2023 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Forum: x12 (Total hours: 24) - Forum
- Tutorial: x12 (Total hours: 24) - Tutorial
- Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
Attendance and learning activities: Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible. -
Resources
Prescribed resources: Books
- Robin Stonecash,Joshua Gans,Stephen King,Martin Byford,Kris Ivanovski,N. Gregory Mankiw (2020). Principles of Macroeconomics. 8th, Cengage AU 512
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class recordings and detailed subject information regarding the subject curriculum, assessment, and timing. Both iLearn and the Student Email facility are used to provide important subject notifications.
Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | ECON12-202 |
| Subject title: | Macroeconomics |
| Subject level: | Undergraduate |
| Semester/Year: | May 2023 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
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| Attendance and learning activities: | Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible. |
| Prescribed resources: | Books
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|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class recordings and detailed subject information regarding the subject curriculum, assessment, and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge. Assumed Prior Learning (or equivalent):
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| Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Apply macroeconomic principles to identify recent movements in key economic indicators of the Australian economy and other economies.
- Explain the key differences between the short-run and long-run impacts of macroeconomic policies.
- Apply macroeconomic theories and concepts to explain the current global economic environment and policy conditions faced by the Australian Government.
- Explain the significance of the Australian economy in relation to the rest of the world and the implications of this interdependence in the balance of payments and exchange rate.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Computer-Aided Examination (Closed) Comprehensive final exam, short answer and analytical questions. 40.00% Final Examination Period 1,2,3,4 Computer-Aided Examination (Closed) Mid-semester exam, short answer and analytical questions. 30.00% Week 6 (Mid-Semester Examination Period) 1,2,3,4 Assignment Individual homework task that involves seeking out evidence, explaining and relating macroeconomic issues, predicting and describing macroeconomic events. 15.00% Week 4 1,2,3 Assignment Individual homework task that involves seeking out evidence, explaining and relating macroeconomic issues, predicting and describing macroeconomic events. 15.00% Week 9 1,2,3,4 - * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Computer-Aided Examination (Closed) | Comprehensive final exam, short answer and analytical questions. | 40.00% | Final Examination Period | 1,2,3,4 |
| Computer-Aided Examination (Closed) | Mid-semester exam, short answer and analytical questions. | 30.00% | Week 6 (Mid-Semester Examination Period) | 1,2,3,4 |
| Assignment | Individual homework task that involves seeking out evidence, explaining and relating macroeconomic issues, predicting and describing macroeconomic events. | 15.00% | Week 4 | 1,2,3 |
| Assignment | Individual homework task that involves seeking out evidence, explaining and relating macroeconomic issues, predicting and describing macroeconomic events. | 15.00% | Week 9 | 1,2,3,4 |
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
| High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
|---|---|---|
| Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
| Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
| Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
| Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the Lead Educator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Academic Integrity
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
Additional subject information
As part of the requirements for Business School quality accreditation, the Bond Business School employs an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Subject curriculum
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National Income Accounting
Explores the relationship between an economy’s total income and expenditure. Gross domestic product (GDP) is defined and calculated from its four major components. The distinction between real GDP and nominal GDP.
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Productivity and Growth
Explores the factors that determine a country’s production and income and why labour productivity is the key determinant of a country’s standard of living. Also examines how a country’s policies influence its productivity and economic growth, and how economic growth differs around the world and the implications for poverty.
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Consumption, Saving, Investment and Financial System
Specific actions such as the supply and demand for loanable funds, the determination of interest rates and how market forces and various economic policies impact equilibrium saving and investment are explained.
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Money and Inflation: The Monetary System
What is money and what function does it have in the economy? The role of the Reserve Bank of Australia and the mechanisms it uses to influence liquidity conditions in the economy are examined.
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Unemployment
What is unemployment? What is the natural rate of unemployment? What are the causes and effects of unemployment? Data are used to measure the level of unemployment and consider how “classical” unemployment can result from the real wage being too high due to minimum-wage laws, union wage bargaining or efficiency wages. Also explores the concepts of frictional and structural unemployment.
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The Open Economy - Basic Concepts
How net exports measure the international flow of goods and services, how net foreign investment measures the international flow of capital, consider why net exports must always equal net foreign investment, see how saving, domestic investment and net foreign investment are related, learn the meaning of the nominal exchange rate and the real exchange rate, and examine purchasing-power parity as a theory of how exchange rates are determined.
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A Macroeconomic Theory of the Open Economy
Builds a model to explain an open economy’s trade balance and exchange rate and applies it to analyse the effects of government budget deficits, the macroeconomic effects of trade policies, political instability and capital flight.
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Aggregate Demand and Aggregate Supply
What are the three key facts regarding short-run economic fluctuations? Consider how does the economy differ in the short-run as compared to the long-run? Consider these and other questions in developing a short-run model of aggregate demand and aggregate supply.
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Influence of Monetary and Fiscal Policy on Aggregate Demand
Explores the effects of fiscal and monetary policy on aggregate demand. Also considers whether and how policymakers should try to affect the economy.
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Inflation and Unemployment
Examines the short-run trade-off between inflation and unemployment and why it disappears in the long-run. Also explores how supply shocks can shift the inflation-unemployment trade-off and how policymakers’ credibility might affect the cost of reducing inflation.