Macroeconomics in the Global Economy
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 high public debt, 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.
- Summer 2 - 2017
- Semester 1 - 2017
- Trimester 2 - 2017 (Singapore)
Newcastle City Precinct
- Semester 2 - 2017
- Semester 2 - 2017
On successful completion of the 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.
Lectures may include, but are not restricted to, the following topics:
- Key macroeconomic concepts
- GDP and the circular flow of income.
- The determination of economic activity
- Money and banking. The behaviour of Central Banks: monetary policy and the term structure of interest rates.
- Fiscal policy, deficits and public debt crises.
- Theories of inflation.
- Exchange rates and international trade.
- Contemporary macroeconomic policy debates with particular reference to the Global Financial Crisis.
Tutorial / Laboratory Exercises: Tutorial Assessments
Tutorial / Laboratory Exercises: Tutorial collaboration and engagement
In Term Test: Mid Semester Test
Formal Examination: Final Examination
Quiz: Weekly online quizzes
Callaghan, Ourimbah, Newcastle City Precinct and UoN Singapore
Face to Face On Campus 2 hour(s) per Week for Full Term
Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hours of independent study per week.