This unit introduces you to macroeconomics, from the leading schools of thought and the microeconomic underpinnings to policy analysis. You will develop a broad understanding of the various indicators of macroeconomic performance of a country, such as inflation, unemployment and economic growth, as well as their interrelation, strengths and deficiencies. The role of monetary and fiscal policy in business cycles and economic growth is studied in the context of the current macroeconomic challenges.
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
apply economic analysis appropriate to achieving an understanding of the working of the macroeconomy
understand the importance of distinguishing between the short-run and long-run impacts of macroeconomic policy
interpret recent movements in key economic indicators of the Australian and other economies and appreciate some of the definition and measurement problems associated with the available data
understand regulatory and political environments and how they impact on business and the economy.
recognise the significance of Australia's economy in relation to the rest of the world and the implications of this interdependence for the balance of payments and exchange rate
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