Available in 2019
Course code



10 units


6000 level

Course handbook


Analysis of extreme economic events contribute to our understanding of the fundamental economic principles and relations that determine core macroeconomic variables such as economic growth, employment, productivity, inflation, and recession. In this course, and drawing on optimization principles from micro-economics, students will be introduced to the key concepts and principles of macroeconomics. Using a case study approach, students will analyze major economic policy issues, events and shocks to draw lessons and policy implications for public policy makers and business decision makers. Real-world data will be deployed to highlight the sources and consequences of the issues and events under consideration


Newcastle City Precinct

  • Semester 1 - 2019

Learning outcomes

On successful completion of the course students will be able to:

1. Synthesise the key concepts of, and relations in, open-economy macroeconomics

2. Evaluate the sources of economic growth, productivity growth and macroeconomic fluctuations that have wider economic, social and political implications

3. Evaluate the microeconomic sources of macroeconomic fluctuations

4. Analyze the evolution of major macroeconomic shocks and events, their consequences on output, employment and prices and the effect of the reactive responses of households and firms on public policies

5. Deploy modern, state-of-the-art macroeconomic tools as appropriate for macroeconomic management and business decisions


The content in this course includes the following.

  • Open-economy macroeconomics
  • Sources of economic growth and productivity growth
  • The Great depression of the 1930s; the Japanese slump of the 1990s-2000s; and the global recession of the late 2000s
  • Macroeconomic populism, high-hyperinflation and balance-of-payments crises
  • OPEC oil price shocks of the 1970s, 1980s and 1990s
  • External debt crisis of the 1980s and 2000s
  • East Asian financial crisis of the late 1990s
  • U.S. financial crisis of 2007-2009
  • Issues in management of large-scale capital flows
  • Commodity price shocks and the Dutch-disease phenomenon
  • Monetary union and the European debt crisis
  • Reconcile major events and shocks with modern macroeconomic principles and draw policy lessons for macroeconomic management


To enrol in this course you must be active in the Master of Business Administration (Global) program (40160).

Assessment items

Essay: Individual Research Essay

Written Assignment: Individual Research Essay

Formal Examination: Final Examination

Contact hours

Newcastle City Precinct


Face to Face On Campus 3 hour(s) per Week for 12 Weeks

This course consists of 36 hours lecturer-guided instruction per teaching period, offered in three hour workshops per week.