Macroeconomics in the Global Economy

Course code ECON1002Units 10Level 1000Faculty of Business and LawNewcastle Business School

The state of the macroeconomy is a major influence on employment opportunities and pay, which impacts directly on the economic and social welfare of most citizens. This is most apparent at times of economic crisis. This course provides a coherent theoretical framework within which to analyse and understand the evolution of (macro)economies over time, and the impact of policies. Key economic issues including the Global Financial Crisis and its real manifestation in the form of persistent unemployment, high public debt, and growing poverty are investigated. Highly contested, contemporary policy debates with respect to issues such as inflation, exchange rate regimes, fiscal rules and prudential regulation, are also reviewed, along with their impact on business organisations and households. Students will have the opportunity to develop an international macroeconomic perspective, while developing attributes, including critical and adaptive thinking, the capacity to synthesise competing points of view and effective communication.

Available in 2015

Callaghan CampusSemester 1, Semester 2
OurimbahSemester 2
UoN SingaporeTrimester 2
Previously offered in 2014
ObjectivesOn successful completion of this course, students will be able to:

1. Utilise basic macroeconomic concepts and theoretical principles to understand the evolution of the macroeconomy and how it impacts on both the welfare of households and the sustainability of business organisations.
2. Access economic data which are pertinent to contemporary macroeconomic debates and use numerical and graphical techniques to analyse these data.
3. Demonstrate that Macroeconomics is a contested discipline with different intellectual perspectives on the most appropriate way to manage the macroeconomy.
4. Adopt critical and adaptive thinking to assess current media and government reports about macroeconomic analysis and policy, with particular reference to the Global Financial Crisis.
5. Interpret and effectively communicate economic processes and policies to suit the context and audience.
6. Demonstrate that a solid understanding of Macroeconomics is important for a well-rounded education in the Business and Commerce disciplines, since it underpins well informed business decisions.
ContentLectures may include, but are not restricted to, the following topics:
1. Key macroeconomic concepts
2. GDP and the circular flow of income.
3. The determination of economic activity
4. Money and banking. The behaviour of Central Banks: monetary policy and the term structure of interest rates.
5. Fiscal policy, deficits and public debt crises.
6. Theories of inflation.
7. Exchange rates and international trade.
8. Contemporary macroeconomic policy debates with particular reference to the Global Financial Crisis.
Replacing Course(s)ECON1110
TransitionThis course is not available to students who have successfully completed ECON1110.
Industrial Experience0
Assumed KnowledgeThere is no assumed knowledge requirement.
Modes of DeliveryInternal Mode
Teaching MethodsLecture
Assessment Items
Essays / Written AssignmentsShort essays
Examination: FormalExam in the formal examination period.
Presentations - TutorialTutorial exercises.
Quiz - ClassIn class tests.
Contact HoursTutorial: for 1 hour(s) per Week for 12 weeks
Lecture: for 2 hour(s) per Week for Full Term
Workshop: for 1 hour(s) per Week for 12 weeks
Timetables2015 Course Timetables for ECON1002