School Of Business

Macroeconomic TheoryWestern Sydney University Unit Code: 200547.2


Student Contribution Band: 4

Level: 2

Credit Points: 10

Assumed Knowledge
HSC Mathematics

Equivalent Units
200051 - Macroeconomic Analysis

200549 The Australian Macroeconomy

About this Unit
Macroeconomic Theory aims to provide alternative theoretical explanations of the working of the macroeconomy. The unit will be based on the analytical narratives of macroeconomic developments taught in Australian Macroeconomy. Starting from the basic IS-LM model, it derives the aggregate demand (AD) curve and examines the components of commodity and money markets. It also analyses the labour market and derives the aggregate supply (AS) curve of an economy. Using the AD-AS model, it examines the interdependent nature of macroeconomic problems (e.g. inflation, unemployment), and the effectiveness of fiscal and monetary policies within a closed economy context. The basic model is then extended to analyse open economy issues (e.g., exchange rates and balance of payments, external shocks and international interdependence). Whenever appropriate, alternative approaches to macroeconomics are evaluated.

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