Unit Outline econ2210



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ASSESSMENT MECHANISM

Assessment mechanism summary





Item

Weight

Date

Remarks

Tutorial Debate Participation Mark

10%

Debate held in tutorials in week beginning Monday May 30




Mid-semester quiz

20%

40 minutes at 12.00pm Wednesday 11th May

Location to be announced

All Inclusive Final Exam

70%

2 hours



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:




If the mid-semester quiz is missed

10% Debate, 90% Final Exam

If the debate is missed

20% quiz, 80% Final exam

If both the quiz and debate are missed

100% Final exam


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


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.



  1. The timetable

Lecture/

week

Week

beginning

Monday


Topic

3

March 14

Tutorial Arrangements. The Australian and World Economies

4

March 21

Fundamental Monetary Arrangements

5

March 28

The Importance of the Demand for and Supply of Money

6

April 4

Money Demand

7

April 11

Central Banking

8

April 18

Measuring Inflation




April 25

Mid-semester break. No lectures or tutorials this week

9

May 2

The Quantity Theory of Money

10

May 9

Interest Rates

11

May 16

Discussion of quiz

12

May 23

International Monetary Economics

13

May 30

Debate on Debts and Deficits

Note: There are no tutorials on Good Friday, April 22. Students with tutorials on this day should attend another tutorial during that week.



  1. Tutorial participation mark

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:

  • In general, marks will not be allocated just for attendance. Quality is more important than quantity. But it is still recommended that you attend all tutorials.

  • You need to make a genuine effort to participate in discussions in tutorials. Do the reading before the tute and think seriously about the questions so you are in a position to join in the discussion. Ensure your contributions are known by the tutor.

  • You are encouraged to ask questions during the tutorial. Thoughtful questions of clarification during the tutorial can have substantial educational value to other students. Do not be reticent about asking questions.

  • In the week beginning Monday May 30, there will be a debate on issues related to “Debts and Deficits”. Before this tutorial, each student in each tutorial group will be assigned to a team that will argue one side of one of the issues listed below. There is no advantage in being assigned to one topic or another, or to one side of the debate or the other, as your tutor will make the appropriate adjustments in determining your participation mark.

  • Your tutorial grade will be determined by your contribution to the debate and other tutorials during the entire semester.

  • The tutorial grades will be posted on WebCT by 5.00 pm Monday June 13.

  1. Debate topics

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.
Administrative arrangements

  • In most tutorial groups there will be a team arguing “for” and one “against” each of three topics.

  • Before this tutorial, each student will be assigned to a team.

  • Each team will have six minutes to present their case. So that all teams actually receive their allocated time, the time limits will be strictly adhered to.


The nature of the presentation and the handout

  • One possibility is for each team to select one person who will present your case. This is not the only way to proceed, but it does avoid using up part of your six minutes with “change over time”.

  • Each team is to provide a handout for all students in the tutorial, to be distributed at the beginning of the presentation. This should be no longer than one A4 page – use both sides of the page and reduce the material to fit up to four pages on one piece of paper if needed. Include on the handout details of the topic being debated and the names of all team members. The handout could comprise your PowerPoint slides (see below). Bring 20 copies of your handout.

  • Prior to your presentation, you are welcome to consult with your tutor to clarify matters.



Advice on presenting

  • Write and speak clearly.

  • If your tutorial venue can run PowerPoint, use it. Check this before your presentation and have a trial run through.

  • Be aware that some people have difficulty reading PowerPoint slides. Certain combinations of colours can also present a problem for some people. Use an appealing layout and do not include too much material on each slide. Use large font. As graphs and figures are difficult to display professionally on slides, you need to be extra careful with these to ensure that your audience can understand them. Under no circumstances should slides contain tables of a large number of figures taken directly from a published document – they simply don’t “work” at conveying information in a clear and crisp manner.

  • If your tutorial venue cannot run PowerPoint, use PP to make some slides and then transfer them to transparencies to use on the overhead projector. Check before hand that there is an overhead projector in your tutorial venue and that it works.

  • When presenting, do not read your notes. It is much more effective to talk to them.

  • Practice your presentation several times before the real thing. Try tape recording your practice sessions to see how you sound. Try video recording to see how you look.

  • Take the presentation seriously, but do not get overly anxious.

  • For further advice on presenting, see D. Lindsay A Guide to Scientific Writing. Second edition. Melbourne: Longman, 1995, pp. 85-91.



  1. Tutorial questions
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