ECONS301-20A (HAM)

Economic Growth and Wellbeing

15 Points

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Division of Management
School of Accounting, Finance and Economics

Staff

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Convenor(s)

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: denise.martin@waikato.ac.nz

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: clive.wilkinson@waikato.ac.nz

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Paper Description

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This paper enables students to appreciate key macroeconomic models relevant to understanding economic growth and well-being. Macroeconomists study those aspects of well-being that relate to overall economic outcomes such as economic prosperity and full employment. In doing so, macroeconomists study the overall behaviour and interaction of output, consumption, saving, investment, wages and profits, government expenditure and revenue, imports and exports, inflation, money, interest rates and exchange rates. In this paper, we focus on a range of questions relevant to growth and well-being that macroeconomists attempt to answer. These questions include: What determines economic growth? Can policies influence a country’s economic growth? What is the evidence to support growth theories and policies? What determines inflation? What determines unemployment? What is the relationship between inflation and unemployment? What policies are available to influence inflation and unemployment? What determines the exchange rate? What is the relationship between exchange rates and interest rates? Should governments intervene in the foreign exchange market? These types of headline questions are important for a wide-ranging audience that includes economists, analysts, forecasters, decision-makers and advisers working in the private, public and international sectors.

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Paper Structure

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The teaching time will primarily comprise lectures. The lectures will feature formal discussion primarily based on the construction and application of macroeconomic theory. They will also draw on case studies that demonstrate the testing of key hypotheses implied by theory. Some lectures will include engagement with a number of problem-solving exercises that are relevant to the course material. At the outset of the paper, it will be presumed that students already have a reasonable background knowledge of macroeconomics and quantitative skills. Before starting the paper, students are advised to review the material from ECONS200 (Understanding the Global Economy) or ECON200 (Macroeconomics and the Global Economy).
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Learning Outcomes

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Students who successfully complete the course should be able to:

  • 1. Build and interpret macroeconomic models (40%).
    Linked to the following assessments:
  • 2. Demonstrate how these models may enhance our understanding of real world experience (20%).
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  • 3. Use these models for policy design (20%).
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  • 4. Critically appraise these macroeconomic models (20%).
    Linked to the following assessments:
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Assessment

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The coursework assessment is based on a closed book class test and an assignment. There is also a closed book final examination.
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Assessment Components

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The internal assessment/exam ratio (as stated in the University Calendar) is 100:0. There is no final exam. The final exam makes up 0% of the overall mark.

The internal assessment/exam ratio (as stated in the University Calendar) is 100:0 or 0:0, whichever is more favourable for the student. The final exam makes up either 0% or 0% of the overall mark.

Component DescriptionDue Date TimePercentage of overall markSubmission MethodCompulsory
1. Test 1 (online)
3 Apr 2020
2:00 PM
9
  • Online: Submit through Moodle
2. Assignment
27 Apr 2020
11:00 AM
25
  • Online: Submit through Moodle
3. Test 2 (online)
20 May 2020
2:00 PM
16
  • Online: Submit through Moodle
4. Final Test (online)
22 Jun 2020
No set time
50
  • Online: Submit through Moodle
Assessment Total:     100    
Failing to complete a compulsory assessment component of a paper will result in an IC grade
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Required and Recommended Readings

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Required Readings

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Please click reading list for more details.

Blanchard O., (2017), Macroeconomics, Global Edition, Seventh Edition, Pearson.

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Recommended Readings

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Mankiw, N. G. (2016): Macroeconomics, 9th Edition, Worth.

Mishkin, F.S. (2015): Macroeconomics Policy and Practice, 2nd Edition, Pearson.
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Other Resources

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Hickson, S., (2014): The New Zealand Macroeconomy- What we measure and what it means, Pearson.

Mankiw, N. G., Bandyopadhyay, D. and P. Wooding (2009): Principles of Macroeconomics in New Zealand, 2nd Edition, Cengage.
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Online Support

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Online resources such as the lecture slides and other material for this paper may be found in Moodle.
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Workload

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This is a 15 point paper. Students should expect to spend about 150 hours in total on studying ECONS301 during the semester. This expected workload is based on both contact teaching hours and hours for study and assessment per week.
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Linkages to Other Papers

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Prerequisite(s)

Prerequisite papers: ECONS200 or ECON200

Corequisite(s)

Equivalent(s)

Restriction(s)

Restricted papers: ECON301 and ECON401

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