There will be no make-up quizzes or a make-up debate for students who miss either of these assessments. A grade of zero will be given unless the student provides a legitimate excuse (such as a medical certificate). If the student has a legitimate excuse, their marks will be allocated as follows:
Note 1: Results may be subject to scaling and standardisation under faculty policy and are not necessarily the sum of the component parts.
Note 2: The grade FC indicates failure to complete an identified essential assessment component and means failure of the unit.
Note 3: Your assessed work may also be used for quality assurance purposes, such as to assess the level of achievement of learning outcomes as required for accreditation and audit purposes. The findings may be used to inform changes aimed at improving the quality of Business School programs. All material used for such processes will be treated as confidential, and the outcome will not affect your grade for the unit.
Appeals in relation to assessment are allowed within the Faculty. The appeals procedures are described in the Faculty of Economics and Commerce Handbook. Students should ensure they are familiar with these procedures.
Supplementary assessment is normally not available in this unit unless a student pursuing a bachelor’s degree is currently enrolled in the unit; has obtained a mark of 45 to 49 inclusive in the unit; and it is the only remaining unit that the student must pass in order to complete their degree.
Tutorials will consist of discussion of a series of assigned questions, a debate and clarification of material covered in lectures. Most articles needed for tutorials are contained in the book Readings in Monetary Economics. Material from tutorials will be included in the mid-semester quiz and the final exam.
This section sets out the timetable for tutorials, information on the participation mark, details of the debate and the questions to be discussed in tutorials.
Note: There are no tutorials on Good Friday, April 22. Students with tutorials on this day should attend another tutorial during that week.
As tutorials are an important component of Monetary Economics, the material covered in tutorials will be included in both the mid-semester quiz and the final exam. Additionally, tutorial participation will be allocated 10% of the overall unit assessment. Your grade in this component will be determined by your tutor along the following lines:
The following is a list of three topics to be debated.
(i) Since governments are entrusted with public funds, they should always run a balanced budget so that their spending never exceeds their income.
Fisher, I (1907), The Rate of Interest, New York: The Macmillan Company, Chapter VI, pp. 87-116, Available at: http://socserv.mcmaster.ca/econ/ugem/3113/fisher/RateofInterest.pdf
The Economist (2010). “Is There Life After Debt?” 24 June 2010.
(ii) Many European countries, predominantly Greece, Ireland and Portugal, now have substantial public debt. The debt is, however, not problematic because rational individuals would have incorporated into their current planning all future debt service liabilities. That is, they will now be making provision for the expected higher taxes in the future.
Barro, R.J. (1989). “The Ricardian Approach to Budget Deficits.” Journal of Economic Perspectives 4: 37-54.
Elmendor, D.W. and N.G. Mankiw (1998). “Government Debt.” Chapter 25 in Handbook of Macroeconomics, Volume 1, edited by J.B. Taylor and M. Woodford. Amsterdam: Elsevier Science. Pp. 1627-44.
Labonte, M. and G. E. Makinen (2008). “The National Debt: Who Bears its Burden?” CRS Report for Congress, 28 February 2009, Available at: http://assets.openers.com/rpts/RL30520_20080228.pdf.
The Economist (2010). “No Easy Exit.” 2 December, 2010.
(iii) The US budget deficit is about 11% of GDP, while the CAD is about 3.5% of GDP. Is this large current account deficit a direct result of excessive government spending?
Bernanke, B. S. (2005). “The Global Savings Glut and the U.S. Current Account Deficit.” Washington, DC: Federal Reserve Board. Available at: http://www.federalreserve.gov/boarddocs/speeches/2005/200503102/
Corden, W. M. (2007). “The Current Account Imbalances; A Sceptical View.” World Economy 30: 363-82.
Also listed above are some useful references that can be used as a starting point in preparing for your debate. Links to most of these references will be on WebCT. You are, of course, not limited to these and are free to undertake further research. The purpose of the debate is to enhance understanding of the economic issues presented. Consequently, you are not expected to explain the detailed empirical and mathematical aspects of any of the reference material.
The nature of the presentation and the handout
Advice on presenting
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