Courses & Units
Macroeconomics BEA471
Hobart
Introduction
The objective of this unit is:
1. To introduce you to some of the most important recent developments in macroeconomics.
2. To demonstrate how macroeconomists use dynamic general equilibrium models to obtain quantitative answers to some very intriguing questions.
3. To provide you with some standard tools and models required to deal with the modern macroeconomic literature.
The unit starts with a brief introduction to simple representative agent models. Here, you will learn how to optimize under certainty.
You will then examine the role of expectations and the rational expectations hypothesis. First, you will learn how to solve simple linear rational expectations models analytically. Then, you will learn practical programming skills in Dynare (a free software package for MATLAB) to aid you in solving more complex multivariate models.
In the next segment of the unit, you will learn how to optimize under uncertainty. Upon completion you will be expected to be able to derive and interpret the optimality conditions for a variety of macroeconomic models.
The final segment of the unit focuses on development of practical model solving skills. You will learn how to use a dynamic stochastic general equilibrium models as a measurement device. In particular, you will learn how to parameterize the models, solve them numerically and analyse their empirical performance. Practical programming in Dynare is an essential part of this segment.
Summary
| Unit name | Macroeconomics |
|---|---|
| Unit code | BEA471 |
| Credit points | 12.5 |
| College/School | College of Business & Economics Tasmanian School of Business and Economics |
| Discipline | Economics |
| Coordinator | Doctor Mala Raghavan |
| Delivered By | Delivered wholly by the provider |
| Level | Honours |
Availability
| Location | Study period | Attendance options | Available to | ||
|---|---|---|---|---|---|
| Hobart | Semester 2 | On-Campus | International | Domestic | |
Key
- On-campus
- Off-Campus
- International students
- Domestic students
Key Dates
| Study Period | Start date | Census date | WW date | End date |
|---|---|---|---|---|
| Semester 2 | 12/7/2021 | 10/8/2021 | 30/8/2021 | 17/10/2021 |
* The Final WW Date is the final date from which you can withdraw from the unit without academic penalty, however you will still incur a financial liability (refer to How do I withdraw from a unit? for more information).
Unit census dates currently displaying for 2021 are indicative and subject to change. Finalised census dates for 2021 will be available from the 1st October 2020. Note census date cutoff is 11.59pm AEST (AEDT during October to March).
Learning Outcomes
- apply optimization techniques and the rational expectations hypothesis to solve and analyse macroeconomic models.
- numerically solve and analyse the quantitative performance of several business cycle models.
- communicate your modelling approach, solution technique and research findings.
Fee Information
| Field of Education | Commencing Student Contribution 1,3 | Grandfathered Student Contribution 1,3 | Approved Pathway Course Student Contribution 2,3 | Domestic Full Fee 4 |
|---|---|---|---|---|
| 091901 | $1,812.00 | $1,419.00 | not applicable | $2,354.00 |
- Available as a Commonwealth Supported Place
- HECS-HELP is available on this unit, depending on your eligibility3
- FEE-HELP is available on this unit, depending on your eligibility4
1 Please refer to more information on student contribution amounts.
2 Please refer to more information on eligibility and Approved Pathway courses.
3 Please refer to more information on eligibility for HECS-HELP.
4 Please refer to more information on eligibility for FEE-HELP.
If you have any questions in relation to the fees, please contact UConnect or more information is available on StudyAssist.
Please note: international students should refer to What is an indicative Fee? to get an indicative course cost.
Requisites
Prerequisites
BEA320|Computing skills: Although no prior programming skills are expected, you will be required to learn the fundamentals of Dynare during the course.Teaching
| Assessment | Test or quiz (35%)|Assignment (35%)|Assignment (30%) |
|---|---|
| Timetable | View the lecture timetable | View the full unit timetable |
Textbooks
| Required |
There is no prescribed textbook for this unit and all required readings will be provided by the unit coordinator. The software MATLAB will be provided by the university. |
|---|---|
| Recommended | Students may find the following textbooks useful for some parts of the course: • Jianjun Miao (2014). Economic Dynamics in Discrete Time, MIT Press. • George McCandless (2008). The ABCs of RBCs: An Introduction to Dynamic Macroeconomic Models, Harvard University Press. • Stephen Williamson. Macroeconomics, Addison Wesley (any edition). • Jordi Gali (2015). Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keyneisan Framework, Princeton University Press. The following software package could be helpful: • www.dynare.org (DYNARE – a free software platform for handling dynamic stochastic general equilibrium models) | Links | Booktopia textbook finder |
The University reserves the right to amend or remove courses and unit availabilities, as appropriate.