Assignment Session 2, 2020: Australian and US Housing Markets Your assignment is worth 20 marks or 20% of your final grade. The assignment is due by midnight Friday 19th July at 23.59 pm. The report will comprise 2-3 pages of writing (1000-1200 words), up to 4 charts and 1-2 tables of figures. Note that all charts are to be constructed by you. Charts and tables pasted from reports or other sources pasted into your report will not be accepted. To reiterate, it is not acceptable to Google search a House Price Chart and use that in the assignment. Assignment Topic Students are to write a report on three cities – one Australian city and two US cities (metro areas) which they will be allocated. All students will have a different combination of cities. [YOU MUST USE THE CITIES YOU ARE GIVEN]. The list of US metro areas is listed on page 3. Students will observe similarities and difference in the house price story of these cities. The objective is to research and understand/explain why they are similar/different. The course work will give you the theory on what factors to look for. As a part of the assignment, students are to collect data on house prices and present it in a chart which will “tell a story”. As part of their research, students are expected to search for and read articles which give some of the answers. But students can also collect other data to support the explanation – that data can be presented in charts or tables. Students are expected to demonstrate good use of data and information in constructing the story, and to show some understanding of how urban markets work. Students have some discretion as to the questions they chose to address, as the potential number of issues is large and cannot all be covered in a short assignment. However, it is essential that the questions chosen relate to the subject matter in the course (i.e. urban economics). An assignment which looked at social history or politics, while of interest in itself, will not be accepted. The Charts The Charts can be constructed in excel or in Microsoft word (excel is embedded in figures constructed in word). The important point is that the Charts should be clearly labelled (axis titles, etc) and neatly presented. The test is that the chart (and all its labels) must be readable to the reader. The Structure The structure of the report should be as follows 1. Title of Assignment 2. Text -1000-1200 words 3. List of references 4. Charts
Cover Sheet A cover sheet is provided. Additionally, your name and student number should be presented in a footer on the bottom of each page of your assignment.
Marking Guideline A marking guideline is included (page 4). Discussion with your Fellow Students While plagiarism is strictly forbidden, discussion with fellow students is strongly encouraged. Do NOT lend a copy of your paper to another student – if they copy your assignment, you will be penalized. Word Limit The word limit is 1200 words. Range would be 1000-1200. Do NOT go over the limit. The word limit excludes the list of references and any tables or figures. References and referencing (Please note carefully) The list of references will contain all the details of articles or sources of data used. Do not add articles which you have not used. Within the text, cite with short version only, e.g. Example of complete author name for paper in your reference list: Knoll, K., Schularick, M. and T. Steger 2017, “No Price Like Home: Global House Prices, 1870-2012” American Economic Review Vol. 107(2). Short version In text: Knoll et al (2017) argue… OR There is strong evidence of this (Knoll et al, 2017). In the text refer to the charts as Chart 1, Chart 2…. only (do not give full name of Chart), i.e. Example: ‘Chart 1 – Australian Dollar Real Exchange vs Singapore Dollar 1961-2019’ is referred to only as Chart 1 when referenced n the text: ‘We observe (Chart 1) a rise in the real value of the Singapore currency relative to the Australian currency over the long-term …….’ IMPORTANT Do not simply put down hyperlinks by themselves. Give correct title and add link bleo as per example: Coughlin, C. Gascon, C. and Kliesen, K. “Living Standards in St. Louis and the Eighth Federal Reserve District: Let’s Get Real,” Federal Reserve Bank of St. Louis Review, Fourth Quarter 2017, Vol. 99, No. 4, pp. 377-94. https://research.stlouisfed.org/publications/review/2017/10/04/living-standards-in-st-louis-andthe-eighth-federal-reserve-district-lets-get-real/ Presentation and Paragraphs As a marker I am often confronted with papers which contain very long sentences and paragraphs which make reading very difficult. Paragraphs are the building blocks of papers. Ultimately, a paragraph is a sentence or group of sentences that support one main idea. Your paper will contain a number of ideas and/or points. Before you start writing, you should have worked out a sequence of ideas/points which will form the paper. Each can then be written as a paragraph.
Submission of Assignment The Assignment is be submitted to the Turnitin box on the Assignment folder in the course website by Friday 17th July at 23.59 pm.
Late submissions will be penalised 4 marks or 20% for the first day, and an additional 4 marks (20%) for each additional day (or part thereof). Thus, an assignment that is 1 minute late will be penalised 4 marks, and one which is 24 hours and 1 minute late will be penalised a total of 8 marks. Plan to submit your assignments at least one day ahead of time to avoid last-minute technical complications. Special Consideration Does Not Apply Special consideration does not apply to late submission of assignments. You have a reasonable period to complete the assignment and it is your risk if you leave it for the last few days. Illness for one or two days will not entitle you to special consideration. Clarifications if required Questions about the assignment are best addressed in the lecture. (Other students will probably have a similar question.) Plagiarism The policies are set out in the Part B of the Course Outline. All I will say (again) is I expect to see NO cases of plagiarism in this course.
Sources of information:
Australian Capital City data House price data provided in Assignment folder in Moodle ABS Census and statistical series provides a range of data which students can explore. http://www.abs.gov.au/ Reserve Bank of Australia and Productivity Commission have done research on housing. https://www.rba.gov.au/
US City/Metro Area Data US Federal Reserve Board St Louis (for US house price series and more) https://fred.stlouisfed.org/series/USSTHPI Zillow will give current price and rent levels https://www.zillow.com/home-values/ Bureau of Economic Analysis (BEA) https://www.bea.gov/ BEA is equivalent of ABS, although BLS (Bureau of Labour Statistics) also publishes a significant range of data. Note: Each of the regions of the US is covered by a branch of the US Federal Reserve. These should provide some useful information on the US cities. https://www.federalreserve.gov/aboutthefed/federal-reserve-system.htm One useful starter paper is: Coughlin, C. Gascon, C. and Kliesen, K. “Living Standards in St. Louis and the Eighth Federal Reserve District: Let’s Get Real,” Federal Reserve Bank of St. Louis Review, Fourth Quarter 2017, Vol. 99, No. 4, pp. 377-94. https://research.stlouisfed.org/publications/review/2017/10/04/living-standards-in-st-louis-andthe-eighth-federal-reserve-district-lets-get-real/ (You will see reference to updates)