Australia

Objective: The purpose of this assignment is to (1) encourage you to see economics at the macro level, and (2) sharpen your analytical skills in applying economic theory to real-world events.

(The assignment about Australia)

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Task: The annual inflation, unemployment, and economic growth statistics for the country of Lalaland are given below.

Regional averages for inflation, unemployment and growth are xx, xx, xx.

By using the Liquidity Preference Framework and the Aggregate Demand- Aggregate Supply analysis;

Suggest a monetary policy and/or a fiscal policy change for Lalaland.
Show the effects of your proposed change(s) on major macroeconomic variables.
There is not one correct answer, but you need to be able to justify your chosen policies in an understandable manner, with the use of economic theory.

•Make sure you clearly define the three macroeconomic variables (inflation, unemployment, GDP growth) and comment on their trends according in the charts you create.

•On the same chart, add data of world and/or regional averages for each of the three variables

•Finally, and most importantly, you need to come up with some recommendations for future macroeconomic policy (monetary policy and fiscal policy), projecting what impact your recommendations should have on the three macroeconomic variables.

•Note well: There is no single correct answer, but you need to be able to justify your chosen policies in a coherent manner, using of economic theory you have learned about (the monetary system and the aggregate demand-aggregate supply framework).

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Handy hints!
•Comparing the variables of your chosen country to the world and/or regional averages will help you to understand whether inflation or unemployment is too high/ too low, or growth is too high/low

•Make sure that your recommendations are consistent! It does not make much sense if you recommend two policies working in two different directions

•Not doing anything is also an option. A ‘neutral policy stance’ or ‘non-activist approach’ is not uncommon. However, you need to convince me that this is a viable option!

•While making recommendations for monetary policy, try to remember the effects of money on nominal and real variables in the short-run and in the long-run. Also try to find out whether your country is engaging in quantitative easing.
•While making recommendations for fiscal policy, try to remember the short-run and long-run effects of government spending and taxes. You might also want to check whether your country has a budget deficit or surplus, as it usually does not make much sense to advise a country with a huge deficit to keep increasing spending

•All sources have to be clearly referenced (data and information)

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