Coronavirus (COVID-19) Update
Due to the Coronavirus (COVID-19) pandemic, any references to assessment tasks and on-campus delivery may no longer be up-to-date on this page.
Students should consult iLearn for revised unit information.
Find out more about the Coronavirus (COVID-19) and potential impacts on staff and students
Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Dr Marjan Nazifi
Contact via Email
4ER 429
FRI 11-12
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
Admission to MAppEcon or MBioBus
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit is designed to provide the postgraduate student with a deeper understanding of how the economy as an aggregate works. In so doing it allows students to understand economic policy and apply it to the specific context of their interest. The unit covers a wide range of models in use to investigate economic issues today. It will discuss how unemployment and underemployment, employment opportunities, business profits and investment returns, and how policy can impact on these socially relevant outcomes. By openly discussing ways governments can use policy to influence key economic areas, including productivity, national output, unemployment, inflation and household debt, students will have the opportunity to critically explore successful and unsuccessful policies, and gain a perspective on important contemporary policy debates. |
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Coronavirus (COVID-19) Update
Assessment details are no longer provided here as a result of changes due to the Coronavirus (COVID-19) pandemic.
Students should consult iLearn for revised unit information.
Find out more about the Coronavirus (COVID-19) and potential impacts on staff and students
Coronavirus (COVID-19) Update
Any references to on-campus delivery below may no longer be relevant due to COVID-19.
Please check here for updated delivery information: https://ask.mq.edu.au/account/pub/display/unit_status
Required and Recommended Texts and/or Materials
Many of the models used in this unit are drawn from the following text - students may find it interesting to have a look at the 4th edition of this text, for which there is also an e-book: Olivier Blanchard & Jeffrey Sheen, Macroeconomics, Pearson, 4th Australasian edition, 2013. (hereafter B&S). Students may also wish to look at the 3rd edition of this text, which covers some additional topics. However neither is mandatory, as the online lectures and other materials contain all that is required for successful completion of the unit.
Technology Used and Required Unit Web Page on iLearn
Lecture and tutorial material as well as up to date information concerning any aspect of the unit, including any changes to the schedule, will be available to students by logging on to the unit web page at http://ilearn.mq.edu.au. The following information will be available on iLearn: Unit schedule, Announcements, Lecture slides, Lecture videos, Results of Assessment tasks, and Other relevant material.
This is a purely online Unit, so you will need to regularly check the website and use it as a resource centre to assist with your learning. If you are unable to access the iLearn website because you are not aware of or have forgotten your username and password, please ask for assistance from the IT helpdesk by logging a ticket at any time using the OneHelp link, or by email at help@mq.edu.au. Or you can call direct: +61 2 9850 HELP (4357) or Australian toll-free: 1 800 MQ HELP (1800 67 4357). If you are close to the Sydney campus, you can visit the help service desk on the ground floor of Building C5C (17 Wally's Walk) Room 244. The IT helpdesk will also be able to assist you with using the unit web page. Please remember to log out when you have finished using the unit web page. Failure to do so could result in unauthorised access to your unit web page account.
Coronavirus (COVID-19) Update
The unit schedule/topics and any references to on-campus delivery below may no longer be relevant due to COVID-19. Please consult iLearn for latest details, and check here for updated delivery information: https://ask.mq.edu.au/account/pub/display/unit_status
Topic 1 Introduction: ** B&S Chs 1, 2 Various statements and speeches on monetary policy in 2009/10 Reserve Bank of Australia, eg www.rba.gov.au/PublicationsAndResearch/StatementsOnMonetaryPolicy/index.html **T. Atkin, M. Caputo, T. Robinson and H. Wang (2014), "Macroeconomic Consequences of Terms of Trade Episodes, Past and Present" http://www.rba.gov.au/publications/rdp/2014/2014-01.html * J. Kearns, and P. Lowe (2011), “Australia's Prosperous 2000s: Housing and the Mining Boom”, RBA discussion paper series RDP 2011-07. http://www.rba.gov.au/publications/rdp/2011/pdf/rdp2011-07.pdf |
Topic 2 The IS-LM model: ** B&S Chs 3, 4, 5 ** Reserve Bank of Australia “Monetary Policy” http://www.rba.gov.au/monetary-policy/index.html *D Romer (2000), Keynesian Macroeconomics Without the LM Curve, Journal of Economic Perspectives, Spring, pp 149-169, and also NBER Working Paper No. 7461 [www.nber.org/papers/w7461] |
Topic 3 The labour market: ** B&S Ch 6 *M. Plumb, M. Baker and G. Spence (2010) “The Labour Market during the 2008–2009 Downturn”, The RBA Bulletin, March 2010 http://www.rba.gov.au/publications/bulletin/2010/mar/1.html * Jeff Borland (2011) The Australian labour market in the 2000s: A quiet decade. http://www.rba.gov.au/publications/confs/2011/borland.pdf |
Topic 4 The AS-AD model: ** B&S Ch 7 * G Stevens (2003) “Inflation Targeting: A Decade of Australian Experience” RBA 2003, http://www.rba.gov.au/publications/bulletin/2003/apr/pdf/bu-0403-3.pdf |
Topic 5 Evolution of the Phillips curve: ** B&S Ch 8. * D Gruen, A Pagan, C Thompson (1999) “The Phillips Curve in Australia” RBA 1999, http://www.rba.gov.au/publications/rdp/1999/1999-01.html |
Topic 6 The macroeconomics of financial market crises: ** B&S Ch 9 * L Ellis (2009) “The Global Financial Crisis: Causes, Consequences and Countermeasures”, RBA Bulletin, May 2009 http://www.rba.gov.au/PublicationsAndResearch/Bulletin/bu_may09/Pdf/bu_0509_4.pdf * B. Bernanke "The Federal Reserve and the Financial Crisis" 2012, http://www.federalreserve.gov/newsevents/lectures/about.htm |
Topic 7 Sources and theories of economic growth in long-run: ** B&S Chs 10, 11 * P. Romer (1994) “The Origins of Endogenous Growth”, Journal of Economic Perspectives, Winter 1994 * Australian Treasury (2010) "Australia to 2050: Future challenges". Intergenerational Report 2010 archive.treasury.gov.au/igr/igr2010/report/pdf/IGR_2010.pdf |
Topic 8 Technology, population growth and the Solow model: ** B&S Chs 12, 13 * R Gordon (2000) “Does the ‘New Economy’ Measure up to the Great Inventions of the Past?” Journal of Economic Perspectives, Fall 2000, & http://papersdev.nber.org/papers/W7833 |
Topic 9 Expectations: ** B&S Chs 14, 15, 16, 17 |
Topic 10 The exchange rate and the balance of payments: ** B&S Chs 18, 19 * Reserve Bank Bulletin (2005), “Recent Trends in World Saving and Investment Patterns” October 2005, http://www.rba.gov.au/publications/bulletin/2005/oct/pdf/bu-1005-4.pdf |
Topic 11 The Mundell-Fleming model: ** B&S Chs 20, 21 * G Kelly and G La Cava (2013) "Value-added trade and the Australian economy" RBA Bulletin March 2013, http://www.rba.gov.au/publications/bulletin/2013/mar/pdf/4.html * I. MacFarlane (2000) “Recent Influences on the Exchange Rate”, RBA Bulletin December 2000, http://www.rba.gov.au/publications/bulletin/2000/dec/pdf/bu-1200-1.pdf |
Topic 12 Back to Policy: ** B&S Chs 22, 23, 24 ** R. Gregory (2013) "Living standards, terms of trade and foreign ownership: reflections on the Australian mining boom" April 2012, The Australian Journal of Agricultural and Resource Economics, Special Issue (http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8489.2012.00588.x/abstract) * E. Connolly, J. Jääskelä and M. van der Merwe (2013) "The Performance of Resource-exporting Economies" RBA Bulletin, http://www.rba.gov.au/publications/bulletin/2013/sep/3.html |
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