Unit Outline
BEA320
Monetary and Fiscal Policy
Semester 1, 2024
Oscar Pavlov
Tasmanian School of Business & Economics (TSBE)
College of Business and Economics
CRICOS Provider Code: 00586B
Unit Coordinator
Oscar Pavlov
Email: Oscar.Pavlov@utas.edu.au
 
What is the Unit About?
Unit Description
This unit uses a contemporary macroeconomic modelling framework to analyse the role of fiscal and monetary policies on economic outcomes. The study of fiscal policy includes the role of stimulus during recessions, and the impact and consequences of government expenditures and tax policies on its budget, debt and on private sector behaviour. The study of monetary policy includes business cycle stabilization and inflation targeting by central banks with conventional and unconventional policies when the zero lower bound constrains interest rates. Students who successfully complete this unit will be able to critically discuss and examine current economic conditions and policies using economic models as a tool for organising their arguments.
Intended Learning Outcomes
As per the Assessment and Results Policy 1.3, your results will reflect your achievement against specified learning outcomes.
On completion of this unit, you will be able to:
1.
Apply economic models to the analysis of economies and critically evaluate fiscal and monetary policies.
2.
Communicate policy analysis as well as evidence-based policy recommendations.
3.
Access, analyse and interpret economic data.
Requisites
REQUISITE TYPE
REQUISITES
Pre-requisite
BEA121
Alterations as a result of student feedback
To Be Determined
 
 
Teaching arrangements
ATTENDANCE MODE
TEACHING TYPE
LEARNING ACTIVITY
CONTACT HOURS
FREQUENCY
On Campus
Workshop
Introductory 1-hr workshop, Week 1
1
Once only
Lecture (On Campus)
Pre-recorded 1-hr lecture, once a week
1
Weekly
Workshop
2-hr workshop, fortnightly, commencing in Week 2
2
1 time per fortnight
Independent Learning
5-hrs independent learning
5
Weekly
Online
Online Class
Introductory 1-hr workshop, Week 1
1
Once only
Independent Learning
Pre-recorded 1-hr lecture, once a week
1
Weekly
Online Class
1-hr workshop, weekly, commencing in Week 2
1
Weekly
Independent Learning
5-hrs independent learning
5
Weekly
Attendance / engagement expectations
If your unit is offered On campus, it is expected that you will attend all on-campus and onsite learning activities. This is to support your own learning and the development of a learning community within the unit. If you are unable to attend regularly, please discuss the situation with your course coordinator and/or our UConnect support team.

If your unit is offered Online, it is expected you will engage in all those activities as indicated in the Unit Outline, including any self-directed learning.

If you miss a learning activity for a legitimate reason (e.g., illness, carer responsibilities) teaching staff will attempt to provide alternative activities (e.g., make up readings) where it is possible.
 
The Tasmanian School of Business and Economics regularly hosts Masterclasses and Industry Engagement and Employability Events, which students are encouraged to attend. Registration and details will be available via the College of Business and Economics channel on the Uni App and/or via your Unit Coordinator. 
 
 
How will I be Assessed?
 
For more detailed assessment information please see MyLO.
Assessment schedule
ASSESSMENT TASK #
ASSESSMENT TASK NAME
DATE DUE
WEIGHT
LINKS TO INTENDED LEARNING OUTCOMES
Assessment Task 1:
Mid-semester test
Week 6
30 %
LO1, LO2
Assessment Task 2:
Group Assignment
Week 12
30 %
LO1, LO2, LO3
Assessment Task 3:
Take-home exam
Exam Period
40 %
LO1, LO2, LO3
 
Assessment details
    
Assessment Task 1: Mid-semester test
Task Description:
There will be two short-answer tests to be completed in MyLO.

Test 1 is worth 10% and will cover content from weeks 1-3. Task length: 45 minutes.

Test 2 is worth 20% and will examine material covered in weeks 1-6. Task length: 90 minutes.

Due date: Test 1 :Friday 12 April (week 6).
Test 2: Friday 26 April (week 8).
Both tests will be accessible from 6.00am to 11.59pm Hobart time.

Task Length:
2 x tests
Due Date:
Week 6
Weight:
30 %
 
CRITERION #
CRITERION
MEASURES INTENDED
LEARNING OUTCOME(S)
1
Select and apply economic models.
LO1
2
Explain how economic data and policy relate to economic models.
LO1
3
Report on and defend presented arguments.
LO2
4
Research and critique existing analyses of the economy.
LO2
 
Assessment Task 2: Group Assignment
Task Description:
The group assignment will require you to access, analyse and interpret economic data. Out of the 30% assessment weight, 25% is for the report itself and 5% is for an individual reflection piece on group work. Detailed guidelines and instructions will be distributed four weeks before the due date and posted on MyLO.

Date Due: 5.00pm Hobart time, Friday 24 May (week 12)

Task Length:
2000 words
Due Date:
Week 12
Weight:
30 %
 
 
CRITERION #
CRITERION
MEASURES INTENDED
LEARNING OUTCOME(S)
1
Select and apply economic models.
LO1
2
Explain how economic data and policy relate to economic models.
LO1
3
Report on and defend presented arguments.
LO2
4
Research and critique existing analyses of the economy.
LO2
5
Reflect on leadership, teamwork and communication in groupwork.
LO2
6
Access and present economic data.
LO3
7
Use statistical tools to interpret and relate data to economic models.
LO3
 
Assessment Task 3: Take-home exam
Task Description:
The take-home exam will mainly consist of short-answer questions. It will cover material from weeks 1-12, with a focus on lectures 7-12. Instructions and study tips will be provided in week 13.

Task Length:
24 hours
Due Date:
Exam Period
Weight:
40 %
 
CRITERION #
CRITERION
MEASURES INTENDED
LEARNING OUTCOME(S)
1
Select and apply economic models.
LO1
2
Explain how economic data and policy relate to economic models.
LO1
3
Report on and defend presented arguments.
LO2
4
Research and critique existing analyses of the economy.
LO2
5
Use statistical tools to interpret and relate data to economic models.
LO3
 
 
 
How your final result is determined
To pass this unit, you need to demonstrate your attainment of each of the Intended Learning Outcomes, achieve a final unit grade of 50% or greater, and pass any hurdle tasks.
 
Submission of assignments
Where practicable, assignments should be submitted to an assignment submission folder in MYLO. You must submit assignments by the due date or receive a penalty (unless an extension of time has been approved by the Unit Coordinator). Students submitting any assignment in hard copy, or because of a practicum finalisation, must attach a student cover sheet and signed declaration for the submission to be accepted for marking.
 
Requests for extensions
If you are unable to submit an assessment task by the due date, you should apply for an extension.
 
A request for an extension should first be discussed with your Unit Coordinator or teaching support team where possible. A request for an extension must be submitted by the assessment due date, except where you can provide evidence it was not possible to do so. Typically, an application for an extension will be supported by documentary evidence: however, where it is not possible for you to provide evidence please contact your Unit Coordinator.
 
The Unit Coordinator must notify you of the outcome of an extension request within 3 working days of receiving the request.
Late penalties
Assignments submitted after the deadline will receive a late penalty of 5% of the original available mark for each calendar day (or part day) that the assignment is late. Late submissions will not be accepted more than 10 calendar days after the due date, or after assignments have been returned to other students on a scheduled date, whichever occurs first. Further information on Late Penalties can be found on the Assessments and Results Procedure.
 
Review of results and appeals
You are entitled to ask for a review of the marking and grading of your assessment task if there is an irregularity in the marking standards or an error in the process for determining the outcome of an assessment. Details on how to request a review of a mark for an assignment are outlined in the Review and Appeal of Academic Decisions Procedure.
 
 
 
Required Resources
Required reading materials
You will need the following text [available from Booktopia/Co-op Bookshop]:
Charles I. Jones (2021). Macroeconomics, Fifth Edition (International Student Edition), W.W. Norton & Company, New York.
Additional readings will be posted on MyLO.
 
Software:
Microsoft Excel will be used to analyse economic data.
 
Recommended reading materials
Supplementary readings and resources will be made available on MyLO.
 
Other required resources
N/A