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ECO12 Macroeconomics 5

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Questions:

Qu. 1(a) Use the aggregate expenditure (AE) model to describe the impact of a growing housing market and what OECD refers to as “solid economic growth” on equilibrium output. In your answer make sure to discuss the equilibrating process of moving to a new macroeconomic equilibrium output.
 
Qu. 1(b) Discuss the connection between the OECD “urging Australia to begin increasing official interest rates’ and how this can “... cool the housing market…”. In your answer explain which components of AE can be affected by rising interest rates.
 
Qu. 2 Use the static AD-AS model to analyse the circumstances under which the Reserve Bank does not raise interest rates as urged by the OECD and the growth in the economy eventuates as predicted by the OECD. In your answer make sure to use the static AD-AS model to show the initial impact and the long run implications if the Reserve Bank fails to raise interest rates under the circumstances predicted by the OECD.
 
Qu. 3 Referring to the OECD comment of “…hurdles to a long run recovery …” use the dynamic AD-AS model(s) to explain and analyze the impact on equilibrium output and (un)employment in the case where the Reserve Bank does raise interest rates sometime in the future but where the expansion of the economy is below what is predicted by OECD.
 
 
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