EC5206 - Macroeconomic Policy

Credit points:	03
Year:	2013
Student Contribution Band:	Band 3
Administered by:	School of Business

This subject focuses on the macro economy. That is, it considers 'big picture', economy issues such as: inflation, unemployment, interest rates, exchange rates, economic growth, monetary and fiscal policy. It examines data and models (from a variety of schools of thought) that describe: (a) the way in which the economy works in the short to medium term; (b) the way in which it responds to 'shocks' - such as the global financial crisis - and (c) the way in which governments can attempt to ameliorate some of the effects of 'shocks' (e.g. inflation, unemployment) through the use of fiscal and monetary policy. Long-term issues are discussed in the subject "economic growth and sustainable development". The subject is tailored to students who (envision to) work at a position that requires advanced economics skills.

Learning Outcomes

• Comprehensive understanding of a range of different models that seek to explain and/or describe key macroeconomic relationships in the short to medium-run;
• Develop an advanced level of understanding of macroeconomic data;
• Develop a holistic ability to construct, manipulate and explain a range of simple diagrams associated with the relevant models;
• Develop advanced understanding and ability to use the models to make predictions about the possible impact of real or hypothetical shocks to the economy, and to derive policy 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 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 potential to lead and contribute to projects effectively and efficiently;
• 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 29-Aug-2013
Coord/Lect:	Dr Hong-Bo Liu.
Contact hours:	26 hours lectures 24 hours tutorials - Tutorials/Seminars 3 hours workshops/Seminars
Assessment:	end of semester exam (35%); quizzes or tests (20%); presentations (10%); essays (35%).

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.