Reference no: EM132636476 , Length: word count:3000
MA503 Economics - Melbourne Institute of Technology
Learning Outcome 1: Differentiate the objectives and consequences of macroeconomic policy in Australia and debate the conflicts between the achievements of those objectives.
Learning Outcome 2: Analyse economic fluctuations and Gross Domestic Product.
Learning Outcome 3: Describe and discuss the concept and consequences of unemployment.
Learning Outcome 4: Examine the relationship between exchange rate and international trade.
Learning Outcome 5: Compare monetary policy and fiscal policy in a macroeconomics context.
You are required to do the following:
1. Investigate the historical GDP growth, unemployment rate, inflation rate for each country by accessing the data of the statistical bureaus of the respective countries.
a. Collect the macroeconomic data of the real GDP, unemployment rate and inflation rate of your selected countries. Pay attention to the difference between real and nominal GDP. You should find the longest available data in this task. Present a brief summary of the macroeconomic data for countries under investigation. The data should be included in the appendix of the assignment. The IMF database, the World Bank database, or the OECD statistics are also good sources to find the needed data. The data should be attached in the appendix. In this section you need to present a short summary description of the data for each of the four countries.
b. Find the number of employed persons and the number of unemployed persons for Australia in June 2020 and calculate the number of persons in the labour force and the unemployment rate
c. Find the Australian consumer price index for June 2020 and December 2019 respectively and calculate the inflation rate for June 2020.
2. Using literature to identify the time periods of economic recessions in each of the four countries. For each country, you should use at least three different sources of literature. Graphically present the real GDP, unemployment rate and inflation rate for each country against the identified periods of economic recession of that country (see lecture slide 7 of week 9). (hints: the publications of the Central Bank represent usually the official view on the macro economy, the peer reviewed journal papers usually represent the view of the authors.)
3. Address one of the four macroeconomic issues, which you identify as the most relevant issue in the current situation of the respective country. Contrast your assessment with the literature. Here you are required to use at least three different sources of literature. Use an AD-AS diagram to assist your analysis.
4. Make a brief comparative analysis of the four countries, with respect to global economic impacts and country specific developments, in particular, you need to compare the impact of COVID-19 on the four countries under investigation and their policy responses respectively.
5. Based on your analysis above, write a report with the title "Macroeconomic Briefing of [countries]". Pay attention to: in text references, reference list, data source, labelling of graphs and editing.
Attachment:- Economics.rar