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ECON11026 Principles Of Economics

tag 0 Download 12 Pages / 2,946 Words tag 01-11-2020


This assessment task requires you to write an essay that demonstrates your theoretical and applied knowledge relating to the macro economy and stabilisation policy. It focuses on the macroeconomic section of the unit and builds on the economic fundamentals that you learnt in the first half of the term. You will need a sound understanding of GDP, economic growth, unemployment, inflation, macroeconomic stabilisation polices, particularly, monetary policy. In this essay, you will refer to the chapters outlined in the prescribed text book, relevant journal articles, various reports of the Reserve Bank of Australia and Australian government websites. The purpose of this assessment is to develop skills in interpreting current macroeconomic indicators, analysing macroeconomic policies and their implications for the wider economy. Assessment Topic Discuss the current macroeconomic environment in Australia whilst critically evaluating the role of monetary policy as a stabilisation tool. Background Information Australia has experienced an unprecedented economic growth, achieving the longest economic expansion on record (27 years) without recession.
It also escaped the Global Financial Crisis relatively unscathed and pulled off the end of the mining boom. These credentials hide some of the underlying structural issues lingering on in the Australian economy. Among them are the rising property prices and housing affordability, a sluggish economy, a stagnant wage growth rate, rising household and government debt, a rapidly declining manufacturing sector, and concerns of job security amidst of mass automation. In this economic environment, the role of macroeconomic policy cannot be ignored. Particularly, the recent monetary policy stance adopted by the Reserve Bank of Australia has left the official cash rate at its historic low of 1.5 per cent for the thirteenth consecutive month. In this essay, you will discuss the recent trends of macroeconomic indicators and critically evaluate the role of monetary policy including its strengths and weaknesses as a stabilisation tool of a modern economy. 2 Structure of the essay.
1. Introduction The introductory paragraph(s) should broadly outline the topic that will be discussed, explain why it is important and a brief outline of the main sections that you will discuss in the remainder of the essay.
2. Body The body of the essay contains the main sections. Please do not include the title ‘Body’ in your essay. You may divide the body section into sub-sections by including sub-headings. You need to conduct research on the current trend in economic growth, inflation rate, unemployment rate and other macroeconomic indicators using multiple sources. As a minimum,
you should:
• Provide an overview of current economic environment in Australia;
• Identify the stage of business cycle based on the latest economic indicators;
• Describe the macroeconomic goals;
• Define monetary policy and its objectives. With appropriate diagrams, describe the monetary policy mechanism and the impact of monetary policy on Aggregate Demand;
• Evaluate the latest Monetary Policy Statement of the Reserve Bank of Australia (RBA) and explain the main factors that influence the current monetary stance in Australia;
• Discuss the impacts of the current low interest rate on the housing market, business investment and household debt.
• Discuss the limitations of the current monetary policy implemented by the RBA. Explain why some believe that monetary rules are a better policy option than discretionary inflation targeting. You are free to arrange the above sections as you wish and do not need to follow the same order.
However, your arguments and diagrams should be organised in a logical and coherent manner. You must also define key terms before analysing them. All diagrams must be labelled and discussed in the text. Embedded JPEG files of hand-drawn diagrams are acceptable and you must cite the source if your diagram is sourced from a published source. All definitions and ideas obtained from published material must be appropriately referenced. In any economic analysis, it is good practice to follow the DADA principle – Definitions, Assumptions, Diagrams and Analysis.
3. Conclusion Conclusion should be an integrated summary of your main points. It should include a final statement that reflects the research you conducted and your overall understanding of the topic. New material should not be introduced into the concluding section.
4. References All references should follow the APA style and reference list should include all the references that you have cited in an alphabetical order. Submission Details All submissions must be via the Turnitin plagiarism detection system. Please tick the terms and conditions box in order to submit your work properly. If your similarity index is too high, please make changes with appropriate references and paraphrasing and resubmit. However, subsequent submissions take longer time to display the similarity index, therefore submit your work early.
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Total 12 pages

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