EC5206 - Macroeconomic Policy

Credit points:	03
Year:	2011
Student Contribution Band:	Band 3
Administered by:	School of Business

This subject focuses on short to medium term issues pertinent to macro economics. (Macroeconomics is the branch of economics that focuses on issues pertinent to entire economies; issues like inflation, unemployment, interest rates, exchange rates, economic growth, monetary and fiscal policy.) It focuses on short to medium-term issues, primarily investigating details associated with aggregate demand. Topics covered in this subject include: money demand, money supply, interest rate and exchange rate determination, trade, the balance of payments, consumption, investment and government spending; fiscal policy, monetary policy, IS/LM/BP and AD/AS.

Learning Outcomes

• Students completing this subject will have an increased understanding of macroeconomic data, concepts, models and analysis. More specifically, they will be able to:;
• Understand a range of different models that seek to explain and/or describe key macroeconomic relationships in the short to medium-run, with a particular emphasis on factors affecting the demand-side of the economy;
• Understand some of the key assumptions, problems, strengths and limitations of the relevant models;
• Construct, manipulate and explain a range of simple diagrams associated with the relevant models;
• Use the models to analyse real and hypothetical 'shocks' and/or policy changes, making predictions about the possible impact of the changes on different parts of the economy, and derive solutions to problems posed in these circumstances.

Graduate Qualities

• The ability to appraise information critically;
• The ability to use independent judgment to synthesise information to make intellectual and/or creative advances;
• The ability to place their research in a broader (preferably international)theoretical, practical and policy context.;
• The ability to think laterally and be original;
• The ability to conceptualise problems;
• The ability to conceptualise and evaluate a range of potential solutions to relevant problems;
• The ability to encompass and use methods and conceptual advances in areas of knowledge cognate to their central area(s) of expertise;
• The ability to evaluate and extrapolate from the outcomes of their research;
• The ability to plan, conduct and manage research in their discipline;
• The ability to conduct their research in an ethical manner;
• The ability to communicate the methodology, results and implications of their research in a manner appropriate to different purposes and audiences.

Assumed Knowledge:	Introductory subjects in Economics and Statistics
Inadmissible Subject Combinations:	EC2000 and BX2022

Availabilities
Townsville, Internal, Study Period 2
Census Date 25-Aug-2011
Coordinator:	Mr Sizhong Sun
Lecturer:	Dr Hong-Bo Liu.
Contact hours:	26 hours lectures 24 hours tutorials - Tutorials/Seminars 3 hours workshops/Seminars
Assessment:	end of semester exam (40%); quizzes or tests (20%); presentations (10%); essay (30%).

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.