Introduction: Module Overview

EC4307, Sem.1 AY21/22

Department of Economics
National University of Singapore

10 Aug 2021

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 Module Information
Check the latest module syllabus carefully for all necessary information!

• Class meeting via Zoom

• Links are on LumiNUS announcement page
• Use your NUS Zoom account and official name
• Video recording upon agreement

• Contact details
• Email: ecsji@nus.edu.sg
• Include “EC4307” in your subject line
• Email inquiries of detailed materials not recommended

• Online office hours

• 3 to 5pm, Wed. by appointment
• Sign-up for a 15-minute slot in advance
• Extra office hours before midterm

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 Zoom Meeting

Some instructions for online class meeting,

• Joining class meetings
• Zoom links on LumiNUS, separately for each session
• Use your name on NUS ID for attendance
• Mute upon entry, while video is optional
• Password protected only for enrolled students

• Video recording of lectures

• Only possible when no one objects
• Mostly for lecture slides, and instructor’s writing/voice
• Video files on LumiNUS after 2 days of live lecture

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 Lecture Materials

• Course webpage on LumiNUS

• Announcements and instructions, etc.
• Lecture slides and submissions

• Course materials and resources

• No required textbooks in this module
• Slides and exam questions originally written by the instructor
• Strictly, sharing or posting elsewhere is a violation of NUS policy

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Course Topics and Requirements

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 Course Topics and Requirements

• Dynamic macroeconomic analysis

• Modern theories of business cycles
• Empirical methods and findings

• Requirements
• Comprehensive understanding of EC3101 and EC3102
• Competence in math and stat tools learned in EC2104 and EC2303/3303
• Working knowledge of MS Excel and STATA

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 Course Topics and Requirements

Details in the syllabus...

1. Review
• Math review
• Brief introduction to macroeconomics
• 2 period model of consumption-saving decisions

2. Infinite horizon consumption-saving model

• Sequential approach, asset pricing with or without uncertainty
• Recursive approach for infinite horizon problems

3. Dynamic firm model and factor demand

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 Course Topics and Requirements
4. Business cycle measurements and aggregate shocks
• Regularities in macroeconomic data
• Productivity and preference shocks

5. Business cycle theories with empirical methods

• Brief history of macroeconomics
• Real Business Cycle model
• New Keynesian model
• Structural Vector Autoregression
• Macroeocnomics with a Pandemic

6. Financial market frictions and macroeconomics

• Summary of 2007 Great Recession
• Theories of financial frictions

7. And more to come, depending on progress...

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Assessment

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 Assessment Components

Details in the syllabus, and strictly no late submissions!

1. Midterm exam (35%)

• Tentatively on 15 Oct. (Fri.) in week 9
• Either physical attendance in an LT or online exam
• Multiple-choice questions (MCQs), True-or-false, and problem solving
• Additional office hours to be arranged

2. Problem set (10%)

• Take-home format, and online submission within 24 hours
• Tentatively in week 10

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 Assessment Components

3. Data exercises (15%)

• Use of MS Excel for the first two, and STATA for the last
• Detailed instructions will be provided on LumiNUS

4. Group project (30%)

• Project summary (5%) due in week 6
• Class presentation (10%) in weeks 11 to 13
• Written report (15%) in week 13

5. Participation (10%)
• Designated discussions after each group presentation
• Peer-review within each group for contribution

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 More on Group Project

• Objective: analysis of a recent macroeconomic issue

• Economic episodes/issues mostly within the last 5 to 10 years
• Analysis of why and how, using various tools beyond this module
• Potential, but promising solutions from policy perspective

• Expected outcome and benefits

• Useful exercise for writing a quality thesis
• Practice of writing practical summaries/reports
• Group work and presentation abilities

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 More on Group Project

• Suggested timeline
• Group formation of 4 to 5 members by week 2 or 3
• Choice of particular country and topic by week 4
• Summary of project by week 6
• Online live presentations in weeks 11 to 13
• Final written report by week 13

• Caveats and cautions

• Reasonable and convincing analyses based on theory, data, etc.
• Feasibility of a project matters, so consider doable approaches!
• Especially, check available/accessible data sources for empirical works
• Critical self-assessment and evaluations

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 More on Group Project

• Project summary
• Clear topic description within 2 pages
• Proposal of feasible approaches
• As a pre-check, list format is acceptible

• Class presentation
• Maximum 30 min. with equal sharing across members
• Live, non-recorded talks with discussions
• Clarity in communication and logical reasoning
• Discussion and QnA with designated groups

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 More on Group Project

• Written report
• Selective contents within 1700 words in a formal essay format
• Only highlights of project with analysis and solutions

• Additional requirements for participation

• Designated discussions for other group’s presentation
• Peer-evaluation among group members, to prevent free-riding

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