bea320 macroeconomic theory and policy - world-class · pdf file1 bea320 macroeconomic theory...

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BEA320

Macroeconomic Theory and Policy

Semester 1, 2014

THIS UNIT IS BEING OFFERED IN:

HOBART

Unit Coordinator:

Dr Alexis Wadsley

CRICOS Provider Code: 00586B

BEA320 Macroeconomic Theory and Policy, Unit Outline, S1, 2014

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Contents

Contact Details ……………………………………………………………………………………………………………………… 2

Unit Description ……………………………………………………………………………………………………………………. 3

Prior Knowledge &/or Skills OR Prerequisite Units ……………………………………………………………….. 3

Intended Learning Outcomes and Generic Graduate Attributes..………………………………………….. 4

Learning Expectations and Teaching Strategies Approach …………………….………………………………. 5

Learning Resources ……………………………………………………………………………………………………………….. 5

Details of Teaching Arrangements ………………………………………………………………………………………… 6

Assessment …………………………………………………………………………………………………………………………… 7

Study Schedule …………………………………………………………………………………………………………………… 14

Contact Details

Unit Coordinator/Lecturer Dr Alexis Wadsley

Campus Hobart

Room Number Room 321, Level 3, Commerce Building

Email [email protected]

Consultation Time Wednesday 9.30 am to 11.30 am


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Unit Description

This unit presents students with an advanced undergraduate level treatment of macroeconomic theory and policy. The unit provides a rigorous analysis of macroeconomic theory, building a modern macroeconomic modelling framework with emphasis on the the role of monetary policy, fiscal policy and open economy influences on economic outcomes. Students will learn to debate and discuss current economic conditions and policies using rigorous theoretical frameworks.

The unit builds upon formulations of both macro and microeconomics and quantitative methods. This unit is in the compulsory core of the Economics Analysis major in the BEc and may be taken as an elective in any BEc programme.

Prior Knowledge &/or Skills OR Pre-Requisite Unit(s)

Knowledge of calculus and regression analysis.

Familiarity with the IS-LM or the IS-MP-MR economic frameworks.

Literacy in written and spoken English.

Enrolment in the Unit

Unless there are exceptional circumstances, students should not enrol in this unit after the end of

week two of semester, as the Tasmanian School of Business and Economics (TSBE) cannot guarantee

that:

any extra assistance will be provided by the teaching team in respect of work covered in the

period prior to enrolment; and

penalties will not be applied for late submission of any piece or pieces of assessment that

were due during this period.


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Intended Learning Outcomes and Generic Graduate Attributes

Intended Learning Outcomes Assessment

Methods Graduate Attribute Outcomes

In this unit you will learn: In assessing this unit I will be looking at your ability to:

1. Select and apply theoretical

macroeconomic models to real world

problems.

Select and apply macroeconomic models.

Debates, in class participation, Essay, Examination.

The assessments and teaching activities in this unit

have been designed to develop the following graduate

attributes in students:

Knowledge:

Functioning knowledge of the macroeconomic way of thinking, and ability to transfer knowledge to complex and uncertain macroeconomic issues. Ability to transmit advanced level of macroeconomic knowledge to professional peers for critical discussion. Functional lifelong learning for professional and career aspirations.

Problem solving:

Independent, logical and creative thinking for solving complex macroeconomic problems. Ability to critically evaluate complex macroeconomic theories and practices and apply them to macroeconomic problems. The ability to use, analyse and evaluate effectively using information from a wide range of formats.

Communication Skills:

Participation in critical macroeconomic discussion with the ability to defend a position. Written communication and presentation skills to articulate the use of macroeconomic theory in a manner appropriate to audience needs.

Global Perspective:

The ability to use macroeconomic knowledge and theory to evaluate policy making in the global economic environment.

Forecast the outcomes of changes in the economy in the short run and long run.

Research and critique existing analyses of the economy.

Explain how economic policy relates to theory.

2. Manipulate and evaluate

macroeconomic models.

Use graphical and/or mathematical analysis to explain macroeconomics. In class

participation, Essay, Examination.

Solve problems relating microeconomic foundations to the macroeconomic outcomes.

Combine microeconomic concepts into macroeconomic frameworks.

3. Interpret data and empirical

evidence in analysing the

macroeconomy.

Use statistical tools to relate empirical evidence to economic theory. Debates, in class participation, Essay, Examination.

Critically appraise empirical evidence and relate it to economic theory.

4. Communicate economics in oral and written formats.

Develop and justify in an oral form an argument to an audience.

Debates, Essay.

Report on and defend the presented argument in a written form.


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Learning Expectations and Teaching Strategies/Approach The University is committed to a high standard of professional conduct in all activities, and holds its

commitment and responsibilities to its students as being of paramount importance. Likewise, it

holds expectations about the responsibilities students have as they pursue their studies within the

special environment the University offers. The University’s Code of Conduct for Teaching and

Learning states:

Students are expected to participate actively and positively in the teaching/learning

environment. They must attend classes when and as required, strive to maintain steady

progress within the subject or unit framework, comply with workload expectations, and

submit required work on time.

Occupational Health and Safety (OH&S) The University is committed to providing a safe and secure teaching and learning environment. In addition to specific requirements of this unit you should refer to the University’s policy at: http://www.utas.edu.au/work-health-safety/

Learning Resources

Prescribed Text

It is essential that you have ready access to the following prescribed text:

Carlin and Soskice, Macroeconomics: Imperfections, Institutions and Policies, Oxford University Press, 2006: ISBN: 978-0-19-877622-2

Recommended Texts

Additional readings will be available on MyLO.

My Learning Online (MyLO) This unit is [web supported/web dependent/fully online], and access to the online MyLO unit is required. Log into MyLO at: http://www.utas.edu.au/learning-teaching-online and then select BEA320 Macroeconomic Theory and Policy from the list of units. For help using MyLO go to http://www.utas.edu.au/learning-teaching-online/new-mylo/home .

Technical requirements for MyLO

For help and information about setting up your own computer and web browser for MyLO, see: http://uconnect.utas.edu.au/

You can access the University network and MyLO via a laptop computer or other mobile device. See: http://uconnect.utas.edu.au/uana.htm

MyLO can be accessed in the Library computers and in computer labs. See: http://www.utas.edu.au/it/computing-distributed-systems/computer-labs-facilities-and-locations

For further technical information and help, contact the UTAS Service Desk on 6226 1818 or at http://www.utas.edu.au/service-desk/

http://www.utas.edu.au/work-health-safety/

http://www.utas.edu.au/learning-teaching-online

http://www.utas.edu.au/learning-teaching-online/new-mylo/home

http://uconnect.utas.edu.au/

http://uconnect.utas.edu.au/uana.htm

http://www.utas.edu.au/it/computing-distributed-systems/computer-labs-facilities-and-locations

http://www.utas.edu.au/service-desk/


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MyLO Expectations 1. Students are expected to maintain the highest standards of conduct across all modes of

communication, either with staff or with other students. Penalties may be imposed if the Unit Coordinator believes that, in any instance or mode of communication, your language or content is inappropriate or offensive. MyLO is a public forum. Due levels of respect, professionalism and high ethical standards are expected of students at all times.

2. Submission of assessment tasks via MyLO presumes that students have read, understood and abide by the requirements relating to academic conduct, and in particular, those requirements relating to plagiarism. All work submitted electronically is presumed to be “signed-off” by the student submitting as their own work. Any breach of this requirement will lead to student misconduct processes.

3. MyLO is an Internet service for teaching and learning provided by the University. It is expected that at least once a day students will check MyLO.

Student Feedback via eVALUate At the conclusion of each unit students will be asked to provide online responses to a number of matters relating to the learning and teaching within that unit. All students are asked to respond honestly to these questions, as all information received is used to enhance the delivery of future offerings.

Details of Teaching Arrangements

Lectures

There will be 13 two-hour lectures during the semester commencing weekly in Week 1 (Wed 26 Feb 2014). The lectures will begin at 12:00 noon finishing at 1:50 pm and will be held in SB.Commerce107 Lecture Th1 (SB.AX33.L01.107).

Workshops

Students are required to attend 12 Workshop sessions. This workshop will be held weekly, commencing in Week 2, starting at 2:00pm and finishing at 2:50pm. And will be held in SB.Commerce107 Lecture Th1 (SB.AX33.L01.107).

Students must access workshop problems and readings on MyLO prior to their workshop, and must bring these questions with them to class. To benefit most from workshops students should at least read the assigned readings and prepare rough answers to assigned questions. Some questions will be designed to promote discussion; others will involve guided problem solving. Workshop participation involves assessable content.

Communication, Consultation and Appointments Email Correspondence: Students are also expected to check their UTAS email site on a regular basis (at least three times a week). Students submitting requests or queries to staff via email should provide very clearly their: Family name: Preferred name; Student ID; Unit code (i.e. BEA320) and allow teaching staff at least two (2) business days to reply. Staff are not required to respond to emails in which students do not directly identify themselves, which are threatening or offensive, and that come from external (non-UTAS) email accounts. Students are advised not to have their UTAS email forwarded to an external email service (such as Gmail or Hotmail). In the past there have been significant issues where this


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has occurred, resulting in UTAS being blacklisted by these email providers for a period of up to one month. Consultation and Appointment:

All students are able to consult your lecturer or tutor on an individual or small group basis during their office hours or by appointment. Students experiencing difficulty in the unit are urged to make use of this service early in the semester. You will be notified of office hours for all teaching staff in the unit. Where possible please respect these times and make sure that you have tried to solve problems before seeking individual assistance.

Assessment

Assessment Schedule In order to pass this unit you must achieve an overall mark of at least 50 per cent of the total available marks. Details of each assessment item are outlined below.

Assessment Items Due Date Value/Weighting Link to Learning Outcomes

In class participation Continuous 5% LO1, LO2,LO3,LO4

Debates Each student will be assigned 2 dates

10% LO1, LO2, LO4

Essay Each student will be assigned a date

15% LO1, LO2, LO3,LO4

Internal test Week 9, 1 May 2013 10% LO1, LO2, LO3

Final Exam Exam period 60% LO1, LO2, LO3

Assessment Item 1 – In class participation

Task Description: During lectures and workshops there will be a number of short exercises and discussions on topics related to the current lecture material. These will include manipulating macroeconomic models, examining media reports on current economic conditions, discussion of economic data and the writing of summary economic reports. Active participation through discussion, completing exercises and presenting arguments to the class will be assessed. You must participate.

Task Length Short answer, oral discussions and some writing.

Assessment Criteria: Explain how economic policy relates to theory.

Critically appraise empirical evidence and relate it to economic theory.

Develop and justify in an oral form an argument to an audience;

Link to Unit’s Learning

Outcomes:

LO1, LO2, LO3, LO4.

Due Date: IN class

Value: 5%


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Assessment Item 2 – DEBATE

Task Description: Out of the 12 weekly workshops, 7 workshops will be selected for debate. During

each of the selected week, the class will be assigned a reading and a question

relating to that reading. Two teams of three students will debate the question using

the assigned reading as a starting point to collect evidence. Each student will be

involved in at least two debates. Students may have the opportunity to participate in

more than two debates in which case the two best marks obtained will count to the

internal assessment. Each debating team will have 6 speaking minutes, which must

be allocated as 2 minutes per speaker, and with one further minute in which a

nominated member can sum up their arguments. Topics will be assigned 2 weeks

prior to the debate.

Task Length 2 minutes per speaker.

Assessment Criteria: LO1, LO2, LO4.


Outcomes: An assessment rubric will be posted on MyLO.

Research and critique existing analyses of the economy

Develop and justify in an oral form an argument to an audience

Explain how economic policy relates to theory.

Due Date: During weekly workshops in weeks 3-12

Value: 10%

Assessment Item 3 – Essay

Task Description: Each student is required to submit one 3000 word essay on one of the assigned

debate topics. The student will be required to write an essay which presents the

arguments regarding the debating question, and coming to a conclusion on the

issues.

Task Length 3000 words

Assessment Criteria: An assessment rubric for this essay will be posted on MyLO.

Select and apply macroeconomic models and use graphical and/or mathematical analysis to explain models


Critically appraise empirical evidence and relate it to economic theory

Report on and defend the presented argument in a written form.


Outcomes:

LO1, LO2, LO3, LO4

Due Date: The assigned essay is due in class, one week after the relevant debate has taken

place. For example if the debate occurs in class during Wednesday of week 4, then

the essay is due on Wednesday, 12 noon of week 5 (that is the written assignment

will be due 3 weeks after the topic has been assigned).

Value: 15%


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Assessment Item 4 – Internal test

Task Description: Short answer questions

Task Length 30 minutes

Assessment Criteria: An assessment rubric for this test will be posted on MyLO.


Outcomes:

LO1, LO2, LO3

Due Date: Week 9 – 30 April 2014 in Workshop time

Value: 10%

Assessment Item 5 – Final Exam

Task Description: Short answer questions, Answer 6 out of 8 questions.

Each question will have multiple parts.

Task Length 3 hours

Assessment Criteria: Total out of 120 marks (each question worth 20 marks)


Outcomes:

LO1, LO2, LO3

Due Date: The final exam is conducted by the University Registrar in the formal examination

period. See the Current Students homepage (Examinations and Results) on the

University’s website.

Value: 60%

Your final examination for this unit will be held during the scheduled examination period as indicated by Student Administration in correspondence to you. Examinations will normally be scheduled Monday to Saturday inclusive. Examinations may be held during the day or evening and students should consult the university information which will be made available towards the end of semester. You are advised to make any necessary arrangements with employers now for time off during the examination period to sit this examination. Your participation at the scheduled time is not negotiable unless there are exceptional circumstances. Note that you will be expected to sit the examination at your recorded study centre. To find out more go to the Exams Office website: http://www.utas.edu.au/exams/home .

How Your Final Result Is Determined.

Your final mark for this unit is determined by your internal assessment (40%) and your examination mark (60%). In order to pass this unit your final total mark (i.e., the sum of internal and examination mark) must be 50% or higher. Final marks may be moderated.

http://www.utas.edu.au/exams/home


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Late Assessment and Extension Policy In this Policy

(a) ‘day’ or ‘days’ includes all calendar days, including weekends and public holidays;

(b) ‘late’ means after the due date and time; and

(c) ‘assessment items’ includes all internal non-examination based forms of assessment

2. This Policy applies to all students enrolled in the Tasmanian School of Business and Economics Units at whatever Campus or geographical location.

3. Students are expected to submit assessment items on or before the due date and time specified in the relevant Unit Outline. The onus is on the student to prove the date and time of submission.

4. Students who have a medical condition or special circumstances may apply for an extension. Requests for extensions should, where possible, be made in writing to the Unit Coordinator on or before the due date. Students will need to provide independent supporting documentation to substantiate their claims.

5. Late submission of assessment items will incur a penalty of 10% of the total marks possible for that piece of assessment for each day the assessment item is late unless an extension had been granted on or before the relevant due date.

6. Assessment items submitted more than five (5) days late will not be accepted.

7. Academic staff do NOT have the discretion to waive a late penalty, subject to clause 4 above.

Academic Referencing and Style Guide In your written work you will need to support your ideas by referring to scholarly literature, works of art and/or inventions. It is important that you understand how to correctly refer to the work of others and maintain academic integrity.

Failure to appropriately acknowledge the ideas of others constitutes academic dishonesty (plagiarism), a matter considered by the University of Tasmania as a serious offence.

The appropriate referencing style for this unit is: the Harvard style. For information on presentation of assignments, including referencing styles: http://utas.libguides.com/referencing

Review of Assessment and Results

Review of Internal Assessment It is expected that students will adhere to the following policy for a review of any piece of continuous/internal assessment. The term continuous/internal assessment includes any assessment task undertaken across the teaching phase of any unit (such as an assignment, a tutorial presentation, and online discussion, and the like), as well as any capstone assignment or take-home exam. Within five (5) days of release of the assessment result a student may request a meeting with the assessor for the purpose of an informal review of the result (in accordance with Academic Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/university-governance/rules). During the meeting, the student should be prepared to discuss specifically the

http://utas.libguides.com/referencing

http://www.utas.edu.au/university-council/university-governance/rules



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marks for the section(s) of the marking criteria they are disputing and why they consider their mark(s) is/are incorrect. The assessor will provide a response to the request for review within five (5) days of the meeting. If the student is dissatisfied with the response they may request a formal review of assessment by the Head of School, with the request being lodged within five (5) days of the informal review being completed. A Review of Internal Assessment Form must be submitted with the formal review (http://www.studentcentre.utas.edu.au/examinations_and_results/forms_files/review_of_assessment.pdf).

Review of Final Exam/Result In units with an invigilated exam students may request a review of their final exam result. You may request to see your exam script after results have been released by completing the Access to Exam Script Form, which is available from the TSBE Office, or at the following link – http://www.utas.edu.au/business-and-economics/student-resources. Your unit coordinator will then contact you by email within five (5) working days of receipt of this form to go through your exam script. Should you require a review of your final result a formal request must be made only after completing the review of exam script process list above. To comply with UTAS policy, this request must be made within ten (10) days from the release of the final results (in accordance with Academic Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/university-governance/rules). You will need to complete an Application for Review of Assessment Form, which can be accessed from www.studentcentre.utas.edu/examinations_an_results/forms_files/review_of_assessment.pdf. Note that if you have passed the unit you will be required to pay $50 for this review. The TSBE reserves the right to refuse a student request to review final examination scripts should this process not be followed.

Further Support and Assistance If you are experiencing difficulties with your studies or assessment items, have personal or life-planning issues, disability or illness which may affect your study then you are advised to raise these with your lecturer or tutor in the first instance. If you do not feel comfortable contacting one of these people, or you have had discussions with them and are not satisfied, then you are encouraged to contact the Director of Undergraduate Programs:

Name: David Kronenberg Room: Room 407, Level 4, Commerce Building Phone: (03) 6226 2280 Email: [email protected]

Students are also encouraged to contact their Undergraduate Student Adviser who will be able to help in identifying the issues that need to be addressed, give general advice, assist by liaising with academic staff, as well as referring students to any relevant University-wide support services. Please refer to the Student Adviser listings at www.utas.edu.au/first-year/student-advisers for your advisers contact details.

http://www.studentcentre.utas.edu.au/examinations_and_results/forms_files/review_of_assessment.pdf

http://www.studentcentre.utas.edu.au/examinations_and_results/forms_files/review_of_assessment.pdf

http://www.utas.edu.au/business-and-economics/student-resources



http://www.studentcentre.utas.edu/examinations_an_results/forms_files/review_of_assessment.pdf

http://www.utas.edu.au/first-year/student-advisers


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There is also a range of University-wide support services available to students, including Student Centre Administration, Careers and Employment, Disability Services, International and Migrant Support, and Student Learning and Academic Support. Please refer to the Current Students website (available from www.utas.edu.au/students) for further information. If you wish to pursue any matters further then a Student Advocate may be able to assist. Information about the advocates can be accessed from www.utas.edu.au/governance-legal/students-complaints . The University also has formal policies, and you can find out details about these policies from the following link – www.utas.edu.au/governance-legal/student-complaints/how-to-resolve-a-student-complaint/self-help-checklist.

Academic Misconduct and Plagiarism Academic misconduct includes cheating, plagiarism, allowing another student to copy work for an assignment or an examination, and any other conduct by which a student:

(a) seeks to gain, for themselves or for any other person, any academic advantage or advancement to which they or that other person are not entitled; or

(b) improperly disadvantages any other student.

Students engaging in any form of academic misconduct may be dealt with under the Ordinance of Student Discipline. This can include imposition of penalties that range from a deduction/cancellation of marks to exclusion from a unit or the University. Details of penalties that can be imposed are available in the Ordinance of Student Discipline – Part 3 Academic Misconduct, see http://www.utas.edu.au/universitycouncil/legislation/. Plagiarism is a form of cheating. It is taking and using someone else’s thoughts, writings or inventions and representing them as your own, for example:

using an author’s words without putting them in quotation marks and citing the source;

using an author’s ideas without proper acknowledgment and citation; or

copying another student’s work.

using ones’ own work from previously submitted assessment items if repeating a unit. If you have any doubts about how to refer to the work of others in your assignments, please consult your lecturer or tutor for relevant referencing guidelines, and the academic integrity resources on the web at http://www.academicintegrity.utas.edu.au/ The intentional copying of someone else’s work as one’s own is a serious offence punishable by penalties that may range from a fine or deduction/cancellation of marks and, in the most serious of cases, to exclusion from a unit, a course, or the University. The University and any persons authorised by the University may submit your assessable works to a plagiarism checking service, to obtain a report on possible instances of plagiarism. Assessable works may also be included in a reference database. It is a condition of this arrangement that the original author’s permission is required before a work within the database can be viewed. For further information on this statement and general referencing guidelines, see http://www.utas.edu.au/plagiarism/ or follow the link under ‘Policy, Procedures and Feedback’ on the Current Students homepage.

http://www.utas.edu.au/students

http://www.utas.edu.au/governance-legal/students-complaints

http://www.utas.edu.au/governance-legal/students-complaints

http://www.utas.edu.au/universitycouncil/legislation/

http://www.utas.edu.au/plagiarism/


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Tutorial/Workshop Program

Note that the tutorial program does not commence until week two of semester.

Week 2: Workshop on debating and policy discussion

Week 3: Debate 1/Workshop questions



Week 6: Workshop questions


Week 8: Workshop questions

Week 9: Mid-semester Test




Week 13: Revision/Workshop questions


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Study Schedule

Week

Start of Week

Text Chapter

Topic

Due Dates

1 24 February

Lecture 1

Textbook Reference**: Chapter 1.

Unit Introduction

Questions Motivating Macroeconomics

Lectures begin on 26 February 2014.

Question and Reading for Debate 1 will be posted on MyLO.

2 3 March

Lecture 2

Textbook Reference: Chapter 2 &Chapter 3 with exceptions

Aggregate Demand and Aggregate Supply

Workshops begin on 5 March 2014


3 10 March

Lecture 3

Textbook Reference: Chapter 2; Appendix to Chapter 15.

The Phillips Curve

Debate 1 on 12 March 2014


4 17 March

Lecture 4

Textbook Reference: Chapter 3.

The Three Equation Model: IS-PC-MR Model


Essay on debate 1 is due on 19 March 2014

5 24 March

Lecture 5


Monetary Policy


Essay on debate 2 is due on 26 March 2014


6 31 March

Lecture 6


Monetary Policy Rules

Essay on debate 3 is due on 2 April 2014

7 7 April

Lecture 7


Fiscal Policy Part 1

Debate 4 on 9 April 2014

8 14 April

Lecture 8


Fiscal Policy Part 2

Essay on debate 4 is due on 16 April 2014


9 28 April

Lecture 9


Open Economy Part 1

Mid-semester Test 30 April 2014


10 5 May

Lecture 10


Open Economy Part 2

Debate 5 on 7 May 2014


11 12 May

Lecture 11


Open Economy: shocks and responses


Essay on debate 5 is due on 14 May 2014

12 19 May

Lecture 12

Textbook Reference: Chapter 13

Exogenous Growth



13 26 May

Lecture 13

Textbook Reference: Chapter 13

Revision & Review


Examination Period: 7 – 24 June 2014


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Debate Rubric

Criteria

HD (High Distinction) DN (Distinction)

70% - 79%

CR (Credit)

60% - 69%

PP (Pass)

50% - 59%

NN (Fail)

0% - 49% 90% – 100% 80% - 89%


Weight = 20%

All relevant issues identified and comprehensively analysed.

Most relevant issues identified and correctly analysed.

Many relevant issues identified and correctly analysed.

Most relevant issues identified and correctly analysed.

Around half the relevant issues identified and correctly analysed.

Some relevant issues identified and analysed.

Explain how economic policy relates to theory

Weight = 20%

Correctly relates theory and policy with emphasise on all relevant details.

Correctly relates theory and policy with emphasise on relevant details.

Correctly relates theory and policy with emphasise on relevant details.

Relates theory and policy and stresses most relevant details.

Relates theory and policy and some relevant details.

Relates theory and policy with limited identification of relevant details.

Develop and justify in an oral form an argument to an audience.

Weight = 40%

Arguments flow smoothly with the remainder of the team, with cross referencing between team members. Clear pronunciation, well structured arguments which engage the audience and perfect time keeping.

Arguments flow smoothly with the remainder of the team, with cross referencing between team members. Clear pronunciation, well structured arguments which engage the audience and perfect time keeping.

Arguments flow smoothly with the remainder of the team, with cross referencing between team members. Clear pronunciation, well structured arguments and good time keeping.

Arguments flow smoothly with the remainder of the team. Clear pronunciation, well structured arguments and good time keeping.

Arguments flow smoothly with the remainder of the team. Clear pronunciation, well structured arguments.

Arguments have some relationship with the remainder of the team, and are structured.

Assessment Submission Rules:

Rule 1: Incoherent speaking will lead to a fail grade.


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ESSAY

Criteria

HD (High Distinction) DN (Distinction)

70% - 79%

CR (Credit)

60% - 69%

PP (Pass)

50% - 59%

NN (Fail)

0% - 49% 90% – 100% 80% - 89%


Weight = 30%

All relevant issues identified and comprehensively analysed. Empirical evidence is correctly presented and analysed.

Most relevant issues identified and correctly analysed. Empirical evidence is correctly presented and analysed.

Many relevant issues identified and correctly analysed. Relevant empirical evidence is presented and analysed.

More than half the relevant issues identified and correctly analysed. Some relevant empirical evidence is presented and analysed.

Around half the relevant issues identified and correctly analysed. Some relevant empirical work is presented.

Some relevant issues identified and analysed. Some empirical evidence is presented.

Select and apply macroeconomic models

Weight = 30%

Model frameworks are correctly identified, explained and related to the economic problem. Mathematical and/or graphical tools are correctly employed in the exposition and correctly presented.

Model frameworks are correctly identified, explained and related to the economic problem. Mathematical and/or graphical tools are correctly employed in the exposition and correctly presented.

Model frameworks are correctly identified, explained and related to the economic problem. Mathematical and/or graphical tools are employed in the exposition and coherently presented.

Model frameworks are identified, explained and related to the economic problem. Mathematical and/or graphical tools are employed in the exposition and well presented.

Model frameworks are identified, explained and related to the economic problem. Some mathematical and/or graphical tools are employed in the exposition.

Model frameworks are identified, and some relationship to the economic problem is given. Some attempts to include mathematical and/or graphical tools are employed.

Explain how economic policy relates to theory

Weight = 20%

Correctly relates theory and policy with emphasise on all relevant details. Arguments are plausible, persuasive and expertly constructed.

Correctly relates theory and policy with emphasise on relevant details. Arguments are plausible, persuasive and expertly constructed.

Correctly relates theory and policy with emphasise on relevant details. Arguments are plausible and expertly constructed.

Relates theory and policy and stresses most relevant details. Arguments are plausible and well constructed.

Relates theory and policy and some relevant details. Arguments are plausible and coherent.

Relates theory and policy with limited identification of relevant details. Arguments are coherent.

Report on and defend the presented argument in written form

Write using the lexicon/language of economics

Weight = 20%

Logical structure and a coherent, concise well developed argument in discipline specific academic language.

Acknowledged all sources.

Accurate and consistent referencing

Logical structure and a coherent, concise well developed argument in discipline specific academic language.


Accurate and consistent referencing

Well organised argument, mostly logical, concise and coherent, and in discipline specific academic language


Mostly accurate referencing

Well organised argument, generally logical, concise and coherent, and mostly in discipline specific academic language.

Acknowledged most sources.

Mostly accurate referencing.

Argument generally organised and coherent and generally in discipline specific

academic language

Acknowledged most sources.

Reasonably accurate referencing.

Argument partially organised and sometimes coherent. Some discipline specific academic language.

Acknowledged some sources.

Some referencing conventions followed.

Assessment Submission Rules:

Rule 1: Failure to acknowledge sources will lead to an overall fail grade.

Rule 2: Incoherent English writing will lead to a fail grade and writing that is difficult to understand will result in reduced marks due to the impediment it creates in determining whether or not the student has


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met the above standards.

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