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ECC3650
Applied general equilibrium economics
Unit Guide
Semester 1, 2010
The information contained in this unit guide is correct at time of publication. The University has the right
to change any of the elements contained in this document at any time.
Last updated: 12 Feb 2010
Table of Contents
ECC3650 Applied general equilibrium economics - Semester 1, 2010................................................1
Chief Examiner:...............................................................................................................................1
Lecturer(s) / Leader(s):....................................................................................................................1
Clayton.................................................................................................................................1
Tutor(s):.......................................................................................................................................................1
Introduction..................................................................................................................................................2
Unit synopsis...............................................................................................................................................2
Learning outcomes......................................................................................................................................2
Contact hours..............................................................................................................................................2
Unit relationships.........................................................................................................................................2
Prerequisites....................................................................................................................................2
Prohibitions......................................................................................................................................2
Teaching and learning method....................................................................................................................3
Timetable information......................................................................................................................3
Unit Schedule..................................................................................................................................3
Unit Resources............................................................................................................................................4
Prescribed text(s) and readings.......................................................................................................4
Recommended text(s) and readings................................................................................................4
Blackboard (MUSO).........................................................................................................................5
Assessment.................................................................................................................................................7
Assessment Summary.....................................................................................................................7
Faculty assessment policy...............................................................................................................7
Hurdle requirements........................................................................................................................7
Second marking...............................................................................................................................7
Return of final marks........................................................................................................................7
Applications for extension of time....................................................................................................7
Additional assessment information..................................................................................................7
Assessment tasks............................................................................................................................8
Assessment task 1...........................................................................................................................8
Examinations...................................................................................................................................8
Examination 1..................................................................................................................................9
Special consideration.......................................................................................................................9
Assessment criteria - grading descriptors table.............................................................................10
Appendix....................................................................................................................................................11
ECC3650 Applied general equilibrium economics - Semester 1,
2010
Chief Examiner:
Dr Mark Picton
Contact hours: To be advised
Lecturer(s) / Leader(s):
Clayton
Mr Mark Picton
Research Fellow
Phone: +61 3 990 52460
Email: Mark.Picton@buseco.monash.edu.au
Location: Room 1174, Building 11E, Clayton
Contact hours: To be advised
Tutor(s):
1
Introduction
Welcome to ECC3650 Applied General Equilibrium Economics.  This is a 6 point unit in the
undergraduate degree programs in the Faculty of Business and Economics.
Unit synopsis
The theory and applications of applied general equilibrium modelling. Introduction to associated issues in
data compilation and computing. The study uses elementary calculus and matrix algebra.
Learning outcomes
The learning goals associated with this unit are to:
gain an introductory understanding of all aspects of applied general equilibrium (AGE) economics
- theory, data, computing and application
•   
understand how AGE models represent linkages in the economy between industries, households,
the government and foreigners
•   
explain, using an AGE model, the structural and aggregate effects on the economy of shocks
such as change in protection, real wage rates, tax rates, environmental policies, and capital
inflow.
•   
Contact hours
3 contact per week
Unit relationships
Prerequisites
ECC2000 and ECC2010 or equivalent; or permission
Prohibitions
ECC4365
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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Teaching and learning method
Timetable information
For information on your timetable, including tutorial allocation if required, please refer to:
http://allocate.its.monash.edu.au/
Unit Schedule
Lecture outline
 1.      Input-output data and modelling           (approximately 2 lectures)
         The lectures will draw on Parmenter (1982) and DPPW (1992, chapter 2).
2.      The Johansen approach to applied general equilibrium modelling           (approximately 15
lectures)
         The aim will be to give students an introduction to the ORANI model, which has been used widely
in Australia in analyses of the effects on industries, occupations and regions of changes in economic
policies and other exogenous variables such as world commodity prices.  The lectures will draw on
Dixon, Parmenter, Powell and Wilcoxen (1992, chapter 3), and Dixon, Parmenter, Sutton and Vincent
(1982, chapter 2).
         As necessary background, students will be introduced to the theory of constrained optimisation. 
They will be applying constrained optimisation methods in deriving the properties of consumer demand
functions, industry input-demand functions and industry supply-response functions.  The lectures will
draw on Dixon, Bowles and Kendrick (1980, chapters 2 and 3), Baumol (1977, chapters 2-4, 9-11, 13,
14) and Dixon, Parmenter, Powell and Wilcoxen (1992, chapter 3).
3.      Policy applications of general equilibrium models           (approximately 8 lectures).
The aim is to introduce students to the AGE method of analysis, and to the insights that AGE models
provide on the impacts of real world policies. An illustration of the application of a dynamic AGE model to
a contemporary policy question (the GST) will be discussed in lectures. These lectures will draw on
Dixon and Rimmer (1999 and 2000). Students will compute simulations with a miniature version of
ORANI and/or MONASH. Students will undertake  simulations with the full ORANI model in one or more
computer lab sessions.
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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Unit Resources
Prescribed text(s) and readings
Required readings will be set from the following texts:
Australian Bureau of Statistics (2001), Australian National Accounts Input-Output Tables 1996-97,
Catalogue No. 5209.0.
Dixon, P.B. and M.T. Rimmer, "Changes in Indirect Taxes in Australia: A Dynamic General Equilibrium
Analysis", Australian Economic Review, Vol. 32(4) December 1999, pp.327 - 348.
Dixon, P.B. and M.T. Rimmer, "The Government/Democrats' package of changes in indirect taxes", The
Australian Journal of Agricultural and Resource Economics, 44(1), March 2000, pp147-157.
Dixon, P.B., S. Bowles and D. Kendrick (1980) Notes and Problems in Microeconomic Theory, North
Holland.
Dixon, P.B., B.R. Parmenter, J. Sutton and D.P. Vincent (1982) ORANI: A Multisectoral Model of the
Australian Economy, North Holland.
Dixon, P.B., B.R. Parmenter, A.A. Powell and P.J. Wilcoxen (1992)  Notes and Problems in Applied
General Equilibrium Economics, North Holland. 
Dixon, P.B., A.A. Powell, B.R. Parmenter. 1979. Structural adaptation in an ailing macroeconomy.
Melbourne University Press. 
Parmenter, B.R. (1982)  "Inter-Industry Analysis" in L.R. Webb and R.H. Allan (eds) Industrial
Economics, Australian Studies, George Allen and Unwin, Sydney.
Recommended text(s) and readings
Students may find the following additional references useful for various parts of the course. Some
additional readings may be set from among these references from time to time. 
Chiang (1984), Hands (2004), Hoy et. al (2001) or Silberberg and Suen (2001) will be useful for students
wanting to review matrix algebra and/or optimisation. Chiang (1984) and Hands (2004) have the most
straightforward treatments. Hoy et. al (2001) and Silberberg and Suen (2001) are more advanced texts
and so you may find them more difficult than Chiang (1984) or Hands (2004). 
Baumol, W.L. (1977) Economic Theory and Operations Analysis, 4th edition, Prentice-Hall.
Chiang, A. 1984. Fundamental methods of mathematical economics 3rd Ed. McGraw-Hill Book
Company.
Dixon, P.B., B.R. Parmenter, and A.A. Powell. 1984. The role of minatures in computable general
equilibrium modelling: experience from ORANI.  Economic Modelling, Vol. 1, No. 4, pp. 421 - 428.
Dixon, P.B. and B.R. Parmenter. 1994. Computable general equilibrium modelling.  Preliminary Working
Paper No. IP-65, Centre of Policy Studies, Monash University.
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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Hands, D.W. Introductory mathematical economics. Oxford University Press, 2004.
Hertel, T.W., J.M. Horridge, and K.R. Pearson. 1991. Mending the family tree: a reconciliation of the
linearisation and levels schools of CGE modelling. Preliminary Working Paper No. IP-54., Centre of
Policy Studies, Monash University.
Hertel, T.W. (Ed.) 1997. Global trade analysis: modelling and applications. Cambridge University Press,
Cambridge, U.K.
Hoy, M. et al. 2001. Mathematics for economics, 2nd Ed. The MIT Press, Cambridge Mass.
Pearson, K.R. “Solving non-linear economic models accurately via linear representation”.  Preliminary
Working Paper No. IP-55 July 1991 (Revised 2002), Centre of Policy Studies, Monash University.
Powell, A.A. 1997. When modellers behave like lawyers: have we lost the plot?.  Centre of Policy Studies
General Paper No. G-125.  Centre of Policy Studies, Monash University.
Powell, A.A. and R.H. Snape. 1993. The contribution of applied general equilibrium analysis to policy
reform in Australia.  Journal of Policy Modelling, Vol. 15, No. 4, pp. 393 - 414.
Silberberg, E. and W. Suen. 2001. The structure of economics, a mathematical analysis. Irwin
McGraw-Hill, New York.
Blackboard (MUSO)
All unit and lecture materials, plus other information of importance to students, are available
through the MUSO (Monash University Studies Online) site. You can access MUSO via the
My.Monash Portal:  http://my.monash.edu.au
•   
Under “Online Systems” click the MUSO hyperlink
In order for your MUSO unit(s) to function correctly, your computer needs to be set up and certain
programs may need to be installed such as a compatible Java version (eg version 1.5.0). This can easily
be done by going to http://www.monash.edu.au/muso/support/students/browserset.html to update the
relevant software.
You can contact MUSO Support by:
Jobdesk: http://jobdesk.monash.edu.au/login/index.cfm?jobdesk_id=14
Email: muso.support@calt.monash.edu.au
Phone: (+61 3) 9903-1268
Operational hours (Monday – Thursday) – local time
Australia: 8 am to 10 pm (8pm Non Teaching period)
Malaysia: 6 am to 8 pm (6 pm Non Teaching period)
South Africa: 11pm to 1pm (11 am Non Teaching period)
Operational hours (Friday) – local time
Australia: Australia: 8 am to 8 pm
Malaysia: 6 am to 6 pm
South Africa: 11pm to 11 am
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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Operational hours (Saturday-Sunday) – local time (Teaching and Exam Period Only)
Australia: 1 pm to 5 pm
Malaysia: 11 am to 3 pm
South Africa: 4 am to 8 am
Further information can be obtained from the following site
http://www.monash.edu.au/muso/support/index.html
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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Assessment
Assessment Summary
Within semester assessment: 20%
Examination (3 hours): 80%
Faculty assessment policy
For information regarding assessment policy, please refer to the appendix at the end of this Unit Guide.
Hurdle requirements
Students must pass the exam to pass the course.
A student must achieve at least fifty per cent in total to pass this unit, including a mark of at least fifty per
cent in the final invigilated examination.  Where a student's total mark is more than 48, but the student
has failed to achieve at least fifty per cent in the final exam, the mark returned will be 48.  The final mark
that a student receives for a unit will be determined by the Board of Examiners taking into account all
aspects of assessment.
Second marking
For information regarding second marking practice, please refer to
http://www.buseco.monash.edu.au/asg/agu/policies/written-assign.html#secmark
Return of final marks
The final mark that a student receives for a unit will be determined by the Board of Examiners on the
recommendation of the Chief Examiner taking into account all aspects of assessment. The final mark for
this unit will be released by the Board of Examiners on the date nominated in the Faculty Calendar.  
Applications for extension of time
For information regarding extensions of time, please refer to
http://www.buseco.monash.edu.au/asg/agu/policies/written-assign.html#extoftime
Additional assessment information
The examination will be based mainly on exercises and assignments undertaken during the course. 
Students must pass the exam to pass the course.
Written exercises and assignments undertaken during the course (worth 20 per cent of final mark).
Copies of assignments will be distributed in class. Due dates will be indicated on each assignment. Each
due date will fall on a lecture day (Monday or Tuesday). Completed assignments must be handed in at
the beginning of the lecture on the due date. Each assignment must be attached to a signed copy of the
faculty’s Assignment Cover Sheet. Marked assignments will be returned to students during lectures by a
name call. 
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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         A student must achieve at least fifty per cent in total to pass this unit, including a mark of at least
fifty per cent in the final invigilated examination.  Where a student's total mark is more than 48, but the
student has failed to achieve at least fifty per cent in the final exam, the mark returned will be 48.  The
final mark that a student receives for a unit will be determined by the Board of Examiners taking into
account all aspects of assessment.
(1) Examination at the end of the course (3 hours, worth 80 per cent of final mark).  The examination will
be based mainly on exercises and assignments undertaken during the course.  Students must pass the
exam to pass the course.
         (2) Written exercises and assignments undertaken during the course (worth 20 per cent of final
mark). Copies of assignments will be distributed in class. Due dates will be indicated on each
assignment. Each due date will fall on a lecture day (Monday or Tuesday). Completed assignments must
be handed in at the beginning of the lecture on the due date. Each assignment must be attached to a
signed copy of the faculty’s Assignment Cover Sheet. Marked assignments will be returned to students
during lectures by a name call. 
         A student must achieve at least fifty per cent in total to pass this unit, including a mark of at least
fifty per cent in the final invigilated examination.  Where a student's total mark is more than 48, but the
student has failed to achieve at least fifty per cent in the final exam, the mark returned will be 48.  The
final mark that a student receives for a unit will be determined by the Board of Examiners taking into
account all aspects of assessment.
Assessment tasks
Assessment task 1
Title:
Written exercises and assignment
Learning objectives assessed:
Written work will test students' understanding of all aspects of general equilibrium
economics and how economic links are represented by AGE modelling.
Weighting:
20%
Task details:
Written exercises and assignments undertaken during the course (worth 20 per cent of
final mark). Copies of assignments will be distributed in class. Due dates will be indicated
on each assignment. Each due date will fall on a lecture day. Completed assignments
must be handed in at the beginning of the lecture on the due date. Each assignment must
be attached to a signed copy of the faculty’s Assignment Cover Sheet. Marked
assignments will be returned to students during lectures by a name call. 
Due date:
To be advised
Return of marks:
•   
Examinations
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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Examination 1
Weighting:
80%
Duration:
3 hours
Type (open/closed book):
Closed book
Materials examinable:
The examination will be based mainly on exercises and assignments undertaken during
the course.
•   
Special consideration
For information regarding special consideration, please refer to the appendix at the end of this Unit
Guide.
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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Assessment criteria - grading descriptors table
High
Distinction
(80%+)
Distinction
(70 - 79%)
Credit
(60 - 69%)
Pass
(50 - 59%)
Fail
(Less than 50%)
General
description
Outstanding or
exceptional work
in terms of
understanding,
interpretation
and
presentation
A very high
standard of
work which
demonstrates
originality and
insight
Demonstrates a
high level of
understanding and
presentation and a
degree of
originality and
insight
Satisfies the
minimum
requirements
Fails to satisfy the
minimum
requirements
Reading Strong evidence
of independent
reading beyond
core texts and
materials
Evidence of
reading beyond
core texts and
materials
Thorough
understanding of
core texts and
materials
Evidence of
having read core
texts and
materials
Very little evidence
of having read any
of the core texts
and materials
Knowledge
of topic
Demonstrates
insight,
awareness and
understanding
of deeper and
more subtle
aspects of the
topic. Ability to
consider topic in
the broader
context of the
discipline
Evidence of an
awareness and
understanding
of deeper and
more subtle
aspects of the
topic
Sound knowledge
of principles and
concepts
Knowledge of
principles and
concepts at least
adequate to
communicate
intelligently in
the topic and to
serve as a basis
for further study
Scant knowledge
of principles and
concepts
Articulation
of argument
Demonstrates
imagination or
flair.
Demonstrates
originality and
independent
thought
Evidence of
imagination or
flair.
Evidence of
originality and
independent
thought
Well-reasoned
argument based
on broad evidence
Sound argument
based on
evidence
Very little evidence
of ability to
construct coherent
argument
Analytical
and
evaluative
skills
Highly
developed
analytical and
evaluative skills
Clear evidence
of analytical and
evaluative skills
Evidence of
analytical and
evaluative skills
Some evidence
of analytical and
evaluative skills
Very little evidence
of analytical and
evaluative skills
Problem
solving
Ability to solve
very challenging
problems
Ability to solve
non-routine
problems
Ability to use and
apply fundamental
concepts and skills
Adequate
problem-solving
skills
Very little evidence
of problem-solving
skills
Expression
and
presentation
appropriate
to the
discipline
Highly
developed skills
in expression
and
presentation.
Well developed
skills in
expression and
presentation.
Good skills in
expression and
presentation.
Accurate and
consistent
acknowledgement
of sources.
Adequate skills
in expression
and presentation
Inadequate skills
in expression and
presentation.
Inaccurate and
inconsistent
acknowledgement
of sources.
Source: University of Adelaide 2005
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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Appendix
Please visit the following URL: http://www.buseco.monash.edu.au/unit-guide/appendix.html for further
information about:
Continuous improvement•   
Assessment policy•   
Grading Scale policy•   
Special consideration•   
Plagiarism, cheating and collusion•   
Plagiarism register•   
Non-discriminatory language•   
Students with disabilities•   
Using the University’s computer and IT facilities•   
Faculty policies•   
Related links•   
ECC3650 Applied general equilibrium economics - Semester 1, 2010
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