Dr R Dixon. 316-312 Macroeconomics, and 316-316 Basic Econometrics or 316-317 Econometrics. First semester Three hours a week of lectures/seminars. On completion of this subject students should be able to:

• construct and operate computerised models of the economy;
• interpret the output of the major macroeconometric models of the Australian economy in current use;
• judge the usefulness and the limitations of existing theory in the area of open economy macroeconomics;
• critically evaluate and comment upon contemporary macroeconomic policy debates;
• extend their knowledge of macroeconomic policy modelling via independent study and by taking advanced subjects in this area;
• interpret and critically evaluate key Australian economic statistics.

The use of open economy macroeconomic models in economic policy analysis. Recent developments in open economy macroeconomic theory; important Australian macroeconomic data sets; the design of macroeconometric models of the Australian economy; the derivation of policy multipliers; policy simulation techniques and sensitivity analysis of economy-wide models; some elements of the modern theory of economic growth; an examination of some current issues in macroeconomic policy. A 3-hour examination (80 per cent) and class assignments totalling approximately 3,000 words (20 per cent). Leslie D Advanced Macroeconomics McGraw Hill