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    Intended for students enrolling in Advanced Macroeconomics, this syllabus contains information specific to the course. It is a definitive record of the course's primary characteristics and the learning outcomes that a typical student can reasonably be expected to achieve if he/she takes full advantage of the available learning opportunities. This document also serves as a reference for academic and support staff, internal and external examiners, and for future course monitoring and review.


    Course Title

    Advanced Macroeconomics

    Subject Area:


    Course Code

    ECON 61031

    Course Level





    Competency in College Algebra and Advanced Calculus

    ECON 51011 or equivalent

    MGMT 51051 or equivalent

    ECON 61041 or equivalent

    Methods of Delivery


    Expected Length

    7.0 Weeks

    Class Meetings

    To be determined


    To be determined


    Computer Software: Any computer software that aids learning.


    Text 1: AM

    Title: Advanced Macroeconomics

    Author(s): David Romer

    Edition: 5th

    ISBN: 9781260185218


    This course aims to provide an introduction to the tools used to understand the dynamics of economic aggregates. We will study the determinants of consumption, the real business cycle model, and the search and matching theory of unemployment. Next, we will discuss the issue of nominal rigidities to understand the real effects of monetary policy and how it should be implemented optimally and at multiple levels. We will also study topics that have received particular interest recently, such as the problem of the zero lower bound and unconventional monetary policy. The course will conclude with an analysis of fiscal policy conduct and the economic aggregates' implications. Methodologically, the course will focus on the models required to discuss these issues. However, it will also present empirical evidence about these models' predictions to provide valuable context.


    The course is organized around two themes—economic growth and economic fluctuations.

    Upon completion of the course, students are expected to be able to:

    • Explain the central theoretical and empirical implications of the Solow growth model.

    • Explain the differences that arise when the savings decision is endogenized in the Solow model.

    • Identify the determinants of per capita income and per capita income growth variations.

    • Identify the characteristics of the modern business cycle and the alternative theoretical approaches that are used to understand these characteristics.

    • Articulate nominal rigidities' role in determining aggregate output and employment.

    • Explain the role that individual behavior and expectations play in assessing the impacts of monetary and fiscal policy.

  • WEEK 1

    Module 1

    The Solow Growth Model

    Reference(s): AM Ch1

    Module 2

    Infinite-Horizon and Overlapping-Generations Models

    Reference(s): AM Ch2

    WEEK 2

    Module 3

    Endogenous Growth

    Reference(s): AM Ch3

    Module 4

    Cross-Country Income Differences

    Reference(s): AM Ch4

    WEEK 3

    Module 5

    Real-Business-Cycle Theory

    Reference(s): AM Ch5

    Module 6

    Nominal Rigidity

    Reference(s): AM Ch6

    WEEK 4

    Module 7

    Dynamic Stochastic General-Equilibrium Models of Fluctuations

    Reference(s): AM Ch7

    Module 8


    Reference(s): AM Ch8

    WEEK 5

    Module 9


    Reference(s): AM Ch9

    Module 10

    Financial Markets and Financial Crises

    Reference(s): AM Ch10

    WEEK 6

    Module 11


    Reference(s): AM Ch11

    Module 12

    Monetary Policy

    Reference(s): AM Ch12

    WEEK 7

    Module 13

    Budget Deficits and Fiscal Policy

    Reference(s): AM Ch13

    Module 14


    Reference(s): N/A


    WEIGHT: 10.0%
    DEADLINE: 23:59 (GMT+0) on Sunday of Week 7

    All students are expected to participate in all types of classroom activities. Regular attendance is required in order to maximize the number of opportunities to engage in classroom activities. Marks are based on the quality of the contributions made rather than the quantity of posts submitted, comments made in class, etc.   


    Students are encouraged to exchange contact information and support one another should any classes be missed. They are advised to contact the course instructor about any concerns they may have.


    WEIGHT: 10.0%
    DEADLINE: 23:59 (GMT+0) on Sunday of Week 1-5

    General Information

    Each week from Week 1 to Week 5, students must complete one graded quiz with ten (10) multiple-choice questions. These assessments aim to determine the level of comprehension and mastery of the material covered each week from Week 1 to Week 5. The deadline to submit this assessment is always on Sunday at 23:59 (GMT+0) each week from Week 1 to Week 5. Quiz assignments are graded by computer, and the grade is stored in the online grade book. Only one 20-minute attempt per quiz is allowed.


    • Weight: 2.0%

    • Deadline: 23:59 (GMT+0) on Sunday of Week 1


    • Weight: 2.0%

    • Deadline: 23:59 (GMT+0) on Sunday of Week 2


    • Weight: 2.0%

    • Deadline: 23:59 (GMT+0) on Sunday of Week 3


    • Weight: 2.0%

    • Deadline: 23:59 (GMT+0) on Sunday of Week 4


    • Weight: 2.0%

    • Deadline: 23:59 (GMT+0) on Sunday of Week 5


    WEIGHT: 20.0%
    DEADLINE: 23:59 (GMT+0) on Sunday of Week 7

    General Information

    In Week 7, students must complete one graded quiz consisting of thirty (30) multiple-choice questions. This assessment aims to determine the level of comprehension and mastery of the material covered over seven weeks. The deadline to submit this assessment is always on Sunday at 23:59 (GMT+0) of Week 7. Quiz assignments are graded by computer, and the grade is stored in the online grade book. Only one 60-minute attempt per quiz is allowed.


    WEIGHT: 60.0%
    DEADLINE: Sunday at 23:59 (GMT+0) of Week 7

    General Information

    This must be twelve pages (approximately three thousand words) not including references, title page, and appendix. The purpose of this assessment is to determine the level of comprehension and mastery of the material covered over five weeks, focusing on the practical aspects of the course. The deadline to submit this assessment is always on Sunday at 23:59 (GMT+0) of Week 7. The grade is stored in the online grade book. As only one attempt per piece of coursework is allowed, it is highly recommended that students review all course materials and complete some test preparation tasks before attempting the graded assessment.


    All students are required to participate in all classroom activities, attend classes regularly, and prepare before classes for classroom activities that require advance preparation. Students need to fully appreciate that good attendance results in more opportunities to engage in quality participation, which, in turn, results in a more thorough acquisition of subject knowledge and higher participation grades.

    Participation in classroom discussions and other types of activities indicates that students have read the assigned readings. Grades will not be based on the number of posts submitted or comments made in the classroom but on the overall quality of contributions to discussions.

    If a student is unable to attend 3 or more classes, he/she may be asked to complete additional assignments to complete the course.

    Modes of Attendance
    • For the portions of the course that take place over Microsoft Teams: Students are required to arrive on time and engage appropriately with their fellow students, their teacher(s) and course materials. They must attend with a functional web camera and microphone, have the latest version of Microsoft Teams installed on their computers, avoid attending via a mobile phone or web browser, and have all necessary materials to hand. Also, their cameras must be always switched on, except for occasions when privacy becomes a necessity. In addition, they must be appropriately attired, attend in an environment that will not distract them, their fellow students or their teacher(s), especially avoiding attending while in a vehicle, whether moving or stationary. 

    • For the on-campus portions of the course: The mandatory on-campus session meets as per the AUS Campus Schedule. Good attendance is required to earn credits and pass the course. Students are not permitted to arrive late for class or leave class early. Students traveling from far away locations must plan accordingly, giving themselves plenty of time to arrive by the start of class.  

    Classroom Expectations

    Classes start and end on time, with late entry or reentry allowed only under exceptional circumstances. All phones and electronic devices must be turned off for the duration of a class.


    Students are expected to read assigned materials prior to class. Class discussions are based on their reading of these materials and their reflections on what they have learned and how these relate to their experiences. Assignments are intended to encourage students’ reflection on and synthesis of assigned topics and course discussions.

    Assessments are listed in the course syllabus and are due by the stipulated deadlines. No assessment will be accepted after the day following the day it is due. If an assessment submission is one day late, it will receive an automatic reduction in grade of one letter (for example from an A to a B). After that, no late work will be accepted, and the student will receive an F grade for the assessment.

    Late submission of papers must be approved in advance.


    Students are responsible for understanding the University Policies and how to use resources appropriately. Violations of academic integrity are taken very seriously. Students should revisit the materials on the Orientation session to review important information pertaining to academic citation and referencing rules.


    The university is committed to student welfare and accommodates students with disabilities and those who fall ill. Disability Services (DS) is responsible for accommodating students with disabilities. A student who wishes to be granted a special arrangement due to a disability or illness must request it through DS. Instructors cannot grant such requests without prior DS approval. DS should be contacted as soon as possible to avoid delays in the provision of such an arrangement.

    Because the university takes student privacy very seriously, any medical documentation to support a request for an arrangement to accommodate any special needs connected with a disability or illness should be provided directly to DS. If a student misses any classes due to a short-term illness, he/she should notify his/her instructor, but avoid the inclusion of a doctor's note. Academic staff will not request, accept, or review doctor's notes or other forms of medical documentation. For more information, email


    Ethical considerations restrict how course materials and lectures may be used. Students may not post, publish, sell, or otherwise publicly distribute course materials without the written permission of the course instructor. Such materials include, but are not limited to, lecture notes, lecture slides, video and audio recordings, various types of assignments, examinations, other students’ work, and answer keys. In addition, students are not permitted to use materials prepared by faculty or students for courses that have previously taken place. These materials include, but are not limited to, case write-ups, Research Papers, summaries of readings, answers to Problem Sets, and answers to Academic Discussion topics. Furthermore, making video or audio recordings of class sessions for one’s own use without written permission from the instructor is not permitted. Infringements of the above-listed rules are taken seriously and may lead to disciplinary action, including a requirement to withdraw.


    Additional information can be found on the course website.

    Please note: the syllabus may be modified prior to and during a course, including updates to assignments and additional material.


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