This advanced subject explores several macroeconomics topics in depth. These topics provide students with the theory and models to explain why some countries grow more quickly than others, why some countries experience high inflation while others have stable prices, and why all countries experience periods of economic recession and expansion. These models include long-run economic growth models, short-run models and micro-foundations of macroeconomic models.
|Academic unit:||Bond Business School|
|Subject title:||Business Conditions Analysis|
Delivery & attendance
|Attendance and learning activities:||Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible.|
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
Assumed Prior Learning (or equivalent):
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Critically evaluate the key differences between the short-run and long-run macroeconomic models.
- Demonstrate knowledge of monetary and fiscal policies which influence the business conditions during recessions and expansions.
- Demonstrate the ability to produce a written report that demonstrates higher order understanding of key concepts in macroeconomics.
- Demonstrate an understanding of the ethical considerations related to contemporary issues in monetary policy around the world.
|Written Report||Homework assignments (2) require students to solve problems of theoretical and quantitative nature. The essay assignment (1) requires critical analysis based on literature and may be supported by the descriptive evidence. All assignments are individual tasks.||25%||Ongoing||1, 2, 3, 4.|
|Computer-Aided Examination (Open)||Covers all topics, comprehensive exam in the form of short-answer and analytical questions.||40%||Final Examination Period||1, 2, 3, 4.|
|Computer-Aided Examination (Open)||Covers topics 1 to 5, in the form of short-answer and analytical questions.||35%||Week 7 (Mid-Semester Examination Period)||1, 2, 3, 4.|
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
As part of the requirements for Business School quality accreditation, the Bond Business School employs an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
This topic provides an overview of the business conditions relevant to investors, consumers and policy makers. Moreover, this topic explains how to measure the economic activity (e.g., GDP), the cost of living (e.g., consumer prices index) and joblessness (e.g., the unemployment rate).
The key distinctions between short-run and long-run analysis are introduced. This topic introduces the determinants of total production of goods and services, how national income is distributed to the factor of production. Moreover, it enables the students to understand the determinants of demand for goods and services and the equilibrium that brings the supply and demand for goods and service into balance.
This topic further develops the concept of money and the role of banks in the monetary system, how central banks influence the money supply. Moreover, it consolidates the concepts of the determinants of inflation, interest rates and the demand for money.
This topic further explores the mechanism of international flows of capital and goods, saving and investment in a small open economy. Moreover, the theory of exchange rates and its applications are explained.
This topic introduces the economic models used to explain short-term and long-term relationship between inflation and unemployment. As well, the concepts of the quantity theory of money and seigniorage are linked to inflation and unemployment. The relationship between job search, frictional unemployment, real-wage rigidity and structural unemployment are explained. The labour market case studies on the United States and Europe are used a practical example to support this topic.
This topic introduces the concept of the accumulation of capital, the golden rule level of capital and the theory on population growth. Moreover, the Solow model is introduced as a way of explaining long-run economic growth.
This topic introduces equilibrium in the goods market and money market through the use of the IS and LM curves. A case study on the Great Depression is used to help understand this topic.
This topic introduces three aggregate supply models. The concepts are illustrated through the use of Phillips curve to explain the trade-off between inflation and unemployment.
This topic measures and analyses government debt. This topic compares and contrasts the traditional view of government debt with the Ricardian view of government debt.
In-depth consideration of the theory, application and implications of real business cycles.