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EC5206 - Macroeconomic Policy

Credit points: 3
Year: 2012
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, Study Period 2, Internal
Census Date 23-Aug-2012
Coordinator: Dr Hong-Bo Liu
Workload expectations:
  • 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.