Overview
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Academic contacts
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Offerings
KAPLAN-SGP-TJA-INT-2018-ONGOING
KAPLAN-SGP-TSA-INT-2018-ONGOING
MURDOCH-S2-EXT-2018-ONGOING
MURDOCH-S2-INT-2018-ONGOING
Enrolment rules
BUS289 Macroeconomics A or BUS260 Macroeconomics A
Students who have successfully completed BUS360 Macroeconomics B may not enrol in this unit for credit.
Other learning activities
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Learning activities
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Learning outcomes
1.
Analyse the circumstances under which prices might not adjust, or adjust sufficiently quickly to prevent quantities adjusting.
2.
Analyse whether the economy is best represented using an equilibrium model or a disequilibrium model.
3.
Analyse if an equilibrium model is the correct representation of the economy, what is the nature of this equilibrium.
Assessments
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Additional information
Unit content:The unit begins with an examination of "classical" macroeconomics emphasising the central role played by the idea underlying Say's Law. "Classical" monetary theory focussing on the transmission mechanism completes the review of classical economics. Aspects of the economics of Keynes will be examined focussing on the "revolutionary" nature of his contribution and the significance of his analysis of the labour market. Then follow an examination of Keynesian economics including the issues raised by the Keynesian Neoclassical Synthesis. Modern re-assessments of the ISLM analysis will also be reviewed.
Recent re-interpretations of Keynes led to developments in disequilibrium economics. Recent developments in Keynesian economics cover implicit contracts and efficiency wage theories, insider-outsider models and hysteresis. There is currently a renewed interest in growth theory. Here we shall examine some old and some new contributions. Policy issues relating to recent growth performance will be examined as time permits, and other policy issues relating to monetary policy and the current account balance, fiscal policy, government budget constraints and wealth effects and various aspects of the activist-non activist policy debate will also be considered.