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December 03, 2021, 03:16:50 pm

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Subject Code/Name: ETC4410/5441 - Macroeconometrics  

Workload:  1x 3-hour lecture weekly
Assessment:
1x 40% - Replication Assignment
Replicating a published paper in the macroeconomics literature, alongside some discussion and extension of results. This is quite interesting and accessible, albeit not being extremely easy. Also definitely a great plus to research and coding skills.
1x 10% - Literature Review
Providing a review for a working paper in the macroeconomics domain, which, I feel is quite interesting as well.
1x 50% - Final Exam

Recorded Lectures:  Yes, with screen capture

Past exams available:  Yes, 1

Textbook Recommendation: Lecture slides, recordings and MATLAB code are sufficient material, and there is no need for textbooks. The only book I would recommend for a deeper understanding would be James Hamiltonís Time Series Analysis, which is a graduate level econometrics textbook for PhD students, and goes into time series in way greater detail.

Lecturer(s): Benjamin Wong. Nice guy, one of the greatest and most insightful lecturers in the department. Not too chill with the content of the unit, which I feel is a good thing.

Year & Semester of completion: S2 2021

Rating: 5 out of 5

Your Mark/Grade: TBA

Comments:
This unit mainly concerns the econometric methods used in macroeconomic modelling, particularly within research departments of central banks, and to a lesser extent policy research institutes. Theoretically it is concerned with 1. time series modelling of aggregate (macroeconomic) variables, stuff like GDP, inflation, oil prices etc. and their movement over time, and 2. Assessing the causal effect of changes/shocks in policy and the macroeconomic environment through econometric and statistical tools. You will cover a wide range of applicable models, a large chunk of literature and definitely more comprehensive than most econometrics units:
1.   Univariate time series modelling
a.   Autoregressive and moving average models (ARMA)
b.   Forecasting and forecast evaluation
c.   Impulse response functions
d.   Bootstrap and local projection methods
e.   Structural breaks
f.   Simultaneity Ė and the use of instrumental variables in macroeconomics
2.   Multivariate time series modelling
a.   Vector Autoregressions (VARs)
i.   Computation
ii.   Forecasting, and conditional forecasting
iii.   Bayesian VARs
b.   Structural Vector Autogressions (SVARs)
i.   Identification schemes to assess causal effects
1.   Short-run/recursive/Choleskyís identification
2.   Long-run identification
3.   Sign identification
4.   Heteroskedasticity identification
5.   External instruments
ii.   Application of SVARs
1.   Impulse response functions
2.   Historical decomposition
3.   Forecast error variance decomposition
c.   Trend-cycle decompositions Ė decomposing time series into a trend, I(1) component and a cyclical I(0) component
i.   Deterministic trends
ii.   Hodrick-Prescott filter
iii.   Bandpass filter
iv.   Beveridge-Nelson decomposition
d.   Factor modelling
i.   The use of dynamic factor models
ii.   Principal components analysis
e.   Models for large datasets
i.   Factor Augmented VARs
ii.   Large Bayesian VARs
iii.   Global VARs
iv.   Mixed-Frequency VARs
f.   State-space models
I thought this unit was really good for a few reasons, but it definitely wasnít the easiest unit to score. This is probably the only unit that is directly related to the parent discipline of econometrics (economics), and teaches econometrics in a way that it is applicable to assess, understand, and solve macroeconomic problems. The content taught in this course is very comprehensive as well, bar some non-linear models and Bayesian statistics used for DSGE models, it covers pretty much most of what one needs to know to start off as a competent graduate at a central bank, or a research-centric job in macroeconomic consulting. One thing I particularly liked about this unit is that its assessments are very literature centric as well, and emphasises on bringing students to a level where they will be able to read more on, and understand the economics literature with greater ease (something not done in many other units).
With that being said this unitís definitely not easy, and some might feel overwhelmed depending on their level and interest in macroeconomics and mathematics in general. I would recommend this unit only if youíre interested in applied macroeconomics (monetary policy in particular would be your best bet), and have done ETC3450/ETF5520.
At this level, macroeconomic modelling packages and libraries arenít as well-developed compared to more popular statistical tools in software such as R or MATLAB. So coding up for the assignment can be a bit of a hassle, Ben provides MATLAB code, but the assignment can be done in EViews/Stata where macroeconomic modelling is rather complete in these software (a lot of people like R, but all I can say is that R isnít particularly great for some purposes).
Anyways, this is a very good unit, I would definitely recommend it.
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2022 classes start from December 16 onwards - if you want to take your VCE journey to the next level in 2022, message me to join now :)

We are now also excited to offer industry-leading Chemistry U3/4 support, with >77% of our students who work with our Chemistry lead scoring a raw 40+ in the subject!
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https://www.vtac.edu.au/institutions/inst-cop.html

If you need to get in contact with an institution regarding Change of Preference, you can find details via the link above for:

- AIT - Academy of Interactive Entertainment
- AIT - Academy of Information Technology
- Australian Catholic University (ACU)
- Box Hill Institute
- Chisholm Institute
- COLLARTS
- Deakin College
- Deakin University
- Federation Universtiy
- La Trobe College Australia
- La Trobe University
- Melbourne Institute of Technology
- Monash University
- Photography Studies College (PSC)
- RMIT University
- Swinburne University of Technology
- The University of Melbourne
- Torrens University
- Victoria University
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Creative Corner / Re: The Monthly Cooking Challenge
« Last post by caffinatedloz on 7 hours ago »
I must admit I've never tried the homemade version of fruit cake, and unfortunately all the ones i've tried just haven't gone down well with my taste buds :(
Hehehe, i think i'm on team pavlova as the Christmas dessert of choice!

Are you going to make a fruit cake this year?

The grandmother of one of the kids I work for makes the best fruit cake and I've already managed to snag a couple of slices this year. But when I'm doing my own Christmas baking it's normally a gingerbread house. ;D
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Hi there, I'm not sure how active the Textiles community here is, but I thought I'd check in anyway.

Does anybody have any information about the Non-Apparel focus area? I know that there's currently one Band 6 project on the TEXStyle website (https://texstyle-exhibition.com.au/2021/projects/), but other than that finding good examples of Non-Apparel portfolios seems to be far more difficult than I initially anticipated.

I'm specifically curious about the expectations for the four design drawings - it's not quite as simple as the front and back view system that's optimal for Apparel and Costume. Currently I have a front and top view drawn for my MTP as it is made of many different components, but if somebody had some insight into any great Non-Apparel specific information, that would be great!

Thank you.
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Hey all!
I am a current Year 10 student (class of 2023) and I started studying Literature 1/2 this year with the intention of completing units 3/4 in Year 11. However, I don't think Lit is the best choice for me.

I've always achieved excellent grades in English throughout my learning career and so I thought I would do really well in Lit, but I have found it to be a much greater challenge than I expected and it does not suit my learning style very much. Lit is, at least in my class, a highly analytical subject that requires a fair bit more close language analysis than I can handle. I've averaged a C+ for this year and I believe I can thrive a lot more in regular English.

I've basically made up my mind about making the switch, but I have a few questions:
1. is it really a good idea to switch at this point? is it too late/should I just stick with it?
2. if I do change, is it a good idea to skip units 1/2 and go straight to 3/4? would I be missing much?
3. has anyone else made this decision? do you have any other advice?

I appreciate you for taking the time to read and respond to this post.
Cheers :)
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Iím just like you, anxiously waiting waiting for the results to come out (on December the 8th). I donít have any advice sorry, but what sort of things are you looking for?
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VCE (and related) Businesses / VCE Headstart for Chemistry [48] and Methods [46]
« Last post by DBA-144 on December 02, 2021, 11:47:53 pm »
Hi everyone!

I am a current monash medical student and am providing a headstart program for methods 3/4 and chemistry 3/4. During the program, you will receive plenty of practice questions and resources for you to use as well as notes to help you understand the material that is presented. Our classes will focus on:

- Establishing a strong foundational understanding of the material to ensure that when it is presented in class, you can effortlessly get through the material
- Exam practice and technique will also be a focus for the purpose preparing for the final, end of year examination. Starting early ensures that you receive plenty of time to refine your technique and approach, maximising your chances of succeeding in your goals, whatever they may be, from the very start.
- Making sure that you understand the basic principles first to reduce the amount of information that you have to memorise and provide a strong foundation upon which you can use as a launchpad for more complex topics
- Time management techniques to help you prioritise what matters and make the most of your VCE experience.

I received a raw score of 46 in methods in 2019 and raw 48 in chemistry in 2020 (am up to date with the study design). I also received an ATAR of 99.35 in 2020. If you would like to ask questions regarding medicine, I am also happy to answer these!

If you are interested or would like more information, please feel free to message me via atar notes or email me at [email protected]

Good luck everyone!
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Other General Discussion / Re: Things that shit me
« Last post by turinturambar on December 02, 2021, 11:45:32 pm »
I feel like my own country is attacking me!

I hang out on a few US-centric forums.  The standard response to something like this would be "Well, you are from Australia, aren't you?"
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Other General Discussion / Re: Those little gems
« Last post by Owlbird83 on December 02, 2021, 11:40:12 pm »
A bus driver got out and watched to make sure friends and I got to our cars safely at night.
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