WEEKS 1-2 (24 February, 3 March). Refresher on ISLM, AS-AD; Malthusian growth model, Solow growth model, Endogenous growth models (JS)
Blanchard and Sheen 2013 Chs 5-12
McLeay,M. Radia, A and Thomas R. 2914 Money creation in the modern economy. Bank of England Quarterly Bulletin Q1 2014
Williamson Chs 1,-3, 7-8
WEEK 3 (10 March). Low inflation, the natural rate of unemployment (JS)
Blanchard, O. 2018 Should we reject the natural rate hypothesis? Journal of Economic Perspectives, Vol 32, 1 Winter 2018 https://pubs.aeaweb.org/doi/pdf/10.1257/jep.32.1.97
Cassidy, N., Rankin,E., Read, M. and Seibold,C. 2019 Explaining Low Inflation Using Models. https://www.rba.gov.au/publications/bulletin/2019/jun/explaining-low-inflation-using-models.html
Williamson Chs 14-15
WEEK 4 (17 March). Secular stagnation, potential growth, technology and inequality (JS)
Arsov, I and Watson, B. 2019 Potential Growth in Advanced Economies RBA Bulletin 12
December 2019 https://www.rba.gov.au/publications/bulletin/2019/dec/potential-growth-inadvanced-economies.html
Gordon, R. 2014 US Economic Growth is Over: The Short Run Meets the Long Run, Think Tank 20: Growth, Convergence and Income Distribution: The Road from the Brisbane G-20 Summit: https://www.brookings.edu/wp-content/uploads/2016/07/tt20-united-states-economicgrowth-gordon.pdf
PIIE 2020 How to Fix Economic Inequality? An Overview of Policies for the United States and Other High-Income Economies. (https://www.piie.com/microsites/how-fix-economic-inequality)
WEEK 5 (24 March). Monetary policy frameworks – inflation targeting and alternatives (JS)
Debelle, G. 2018 Twenty-five Years of Inflation Targeting in Australia. RBA Conference, Central Bank Frameworks: Evolution or Revolution? 2018 https://www.rba.gov.au/speeches/2018/spdg-2018-04-12.html
Rogoff, K. 2017. Dealing with monetary paralysis at the zero bound. Journal of Economic Perspectives, https://scholar.harvard.edu/files/rogoff/files/ dealing_with_monetary_paralysis_at_the_zero_bound.pdf
RBA Explainer - Unconventional monetary policy. https://www.rba.gov.au/education/resources/explainers/unconventional-monetary-policy.html
Williamson Ch 15
WEEK 6 (31 March). Links between fiscal policy and monetary policy – the government budget constraint, the fiscal theory of prices, hyperinflation (JS)
Blanchard and Sheen 2013 Chs 23-24
Blanchard, O. (2019) Public Debt and Low Interest Rates, American Economic Review, www.piie.com/system/files/documents/wp19-4.pdf
Blanchard, O. (2021) Fiscal Policy under Low Interest Rates Draft text: https://fiscal-policy-under-low-interest-rates.pubpub.org/
Cochrane, J. (2022) The Fiscal Theory of the Price Level Draft text: https://www.johnhcochrane.com/research-all/the-fiscal-theory-of-the-price-level-1
WEEK 7 (7 April). Mid-session test - online 5pm.
..Mid-session break...
WEEK 8 (28 April). The causes of financial crises and policy responses (DO)
Reinhart, C. and K. Rogoff (2008), This Time is Different: Eight Centuries of Financial Folly, NBER Paper 13882, March https://www.nber.org/papers/w13882.pdf
RBA Explainer: The Global Financial Crisis, https://rba.gov.au/education/resources/explainers/pdf/the-global-financial-crisis.pdf
Williamson Ch. 18
WEEK 9 (5 May). Financial regulation: Principles and practice (DO)
Yuksel, M. (2019), ‘A decade of post-crisis G20 financial sector reforms,’ RBA Bulletin, June
https://rba.gov.au/publications/bulletin/2019/jun/pdf/a-decade-of-post-crisis-g20-financial-sectorreforms.pdf
Orsmond. D. and F. Price (2016), ‘Macroprudential policy frameworks and tools,’ RBA Bulletin, December https://www.rba.gov.au/publications/bulletin/2016/dec/pdf/rbabulletin-2016-12-macroprudential-policy-frameworks-and-tools.pdf
WEEK 10 (12 May) Digital money and the payments system; the future of cryptocurrencies – eg Bitcoin, Libra, central bank digital currencies (JS)
Dark, C., Emery, D, Ma,J. and Noone, C. 2019 Cryptocurrency: Ten Years On. RBA Bulletin, www.rba.gov.au/publications/bulletin/2019/jun/cryptocurrency-ten-years-on.html
Kumar, A, Smith. C 2018 Crypto-currencies – An introduction to not-so-funny moneys, Journal of Economic Surveys 32,8 https://onlinelibrary.wiley.com/doi/full/10.1111/joes.12289
Härdle, W. and Harvey, C. and Reule, R., Understanding Cryptocurrencies (March 26, 2019). https://ies.keio.ac.jp/upload/20191125econo_Wolfbang_wp.pdf
Richards, T., Thompson, C., and Dark, C. Sep 2020. Retail central bank digital currency - design considerations, rationales and implications. RBA Bulletin. https://www.rba.gov.au/publications/bulletin/2020/sep/retail-central-bank-digital-currency-design-considerations-rationales-and-implications.html
Williamson Chs 18
WEEKS 11-12 (19 and 26 May). Official Australian and global economy reports (JS)
Latest RBA Statement on monetary policy, Commonwealth Budget statements, World Economic Outlook et al
WEEK 13 (2 June). Summary and overview, Q and A, discussion of final exam