Not available in 2012
Previously offered in 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004
The principles of macroeconomic theory and policy analysis are applied to both open and closed economy cases, contextualised within the interdependence of the real goods, and the monetary-financial sectors. Macroeconomics aims to achieve a rudimentary understanding of the relevance and limitations of macroeconomic model building to the design and implementation of economic policy. The interactions of wages and prices on the supply side of the economy are analysed and the problem of inflation and unemployment examined. Students are encouraged to apply inquiry processes, argument and critical thinking as problem resolution strategies.
At the successful completion of the course you will be able to:
1. Demonstrate an integrated understanding of the principles of macroeconomic theory and policy analysis in the closed and open economy cases,
2. Analyse the interactions of wages and prices on the supply side of the economy.
3. Identify the capacities and limitations of contemporary macroeconomic theory as a guide to policy formulation.
4. Investigate problems bringing together principles to support or refute argument.
5. Analyse and evaluate macroeconomic data employing numerical and graphical techniques.
1. Issues and analysis in macroeconomics.
2. The structures and operations of the macroeconomy.
3. Demand determined aggregate real income analysis.
4. Determining real aggregate demand: Consumer expenditure and saving.
5. Determining real aggregate demand: Investment expenditure on real capital.
6. Money and finance in the macroeconomy.
7. Money and real economic activity: Exogenous money supply case.
8. Money and real economic activity: Endogenous money and supply case.
9. Money and real economic activity: Policy Management.
10. Critique of IS_LM macroeconomic analysis.
11. Real and financial analysis in the open economy.
12. The determination and interdependence of wages and prices.
13. The origins of inflation.
14. The problem of simultaneous inflation and unemployment.
Successful completion of ECON1001.
Modes of Delivery
Tutorial: for 1 hour(s) per Week for Full Term
Lecture: for 2 hour(s) per Week for Full Term