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School of Business
Master of Professional Accounting
Assessment 3: Report (group)
Unit Learning Outcomes covered in this assessment
differentiate the objectives and consequences of macroeconomic policy in Australia and debate the conflicts between the achievements of those objectives. analyse economic fluctuations and Gross Domestic Product. describe and discuss the concept and consequences of unemployment. examine the relationship between exchange rate and international trade. compare monetary policy and fiscal policy in a macroeconomics context.
Week 11 on 5th February 2021
All work must be submitted on Moodle by the due date (as above) along with a completed Assessment Cover Page. The assessment must be in MS Word format, 1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings. Reference sources must be cited in the text of the Assessment Task, and listed appropriately at the end in a Reference List using APA 6th edition for the School of Business. https://library.mit.edu.au/referencing/APA
If an extension of time to submit work is required, an Application for Special Consideration and supporting documentation must be submitted online via your Academic Management System (AMS) login: https://online.mit.edu.au/ams. The Application for Special consideration must be submitted no later than three (3) working days after the due date of the specific piece of assessment or the examination for which you are seeking Special Consideration. In the case of serious illness, loss or bereavement, hardship or trauma students may be granted special consideration.
Student Declaration I/We declare that: the work contained in this assignment is my/our own work/group work, except where acknowledgement of sources is made;certify that this assessment has not been submitted previously for academic credit in this or any other course;I/we have read the MIT’s Plagiarism and Academic Misconduct Policy Procedure, and I/we understand the consequences of engaging in plagiarism; a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request; I/we have not plagiarised the work of others or participated in unauthorised collaboration when preparing this assignment.
Students are required to undertake research and conduct analysis in the areas of economics covered in learning materials from week 1 to week 11 inclusive. In this assignment, students should identify the main macroeconomic issues in selected countries, and provide a theoretical assessment of the countries. Students are required to reference professional websites, journal articles and text books for this assignment.
Each group should consist of four students and will carry out research and economic analysis of four countries. The groups are free to choose any three countries plus Australia as their countries for investigation.
This assignment is to be completed in groups of four students in Week 11, 5th February 2021.
Total marks: 100 marks
Summary of Tasks
Collect macroeconomic data and calculate macroeconomic indicators
Identify business cycles using the main economic indicators: GDP growth, unemployment rate, inflation rate and current account balance
e, f, g
Discuss one of the four macroeconomic issues in each country under investigation
e – h
Discuss one of the four macroeconomic issues in each country under investigation Make a comparative analysis across the four countries with respect to their common features and individuality
e – h
Write up your analysis and submit your assignment
e – h
You are required to do the following:
Investigate the historical GDP growth, the unemployment rate, the inflation rate for each country by accessing the data of the statistical bureaus of the respective countries. Only data from official institutions are accepted.
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. 16 Marks
Find the number of employed persons and the number of unemployed persons for Australia in December 2020 and calculate the number of persons in thelabour force and the unemployment rate
Find the Australian consumer price index for June 2020 and September 2020 respectively and calculate the inflation rate for September 2020.
Study of business cycles:
Use 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, the unemployment rate, and the inflation rate for each country against the identified periods of economic recession of that country. For each country you should have three graphs. (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.)
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. You need to illustrate the issue you are want to discuss in an AD-AS diagram. 20 Marks
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.
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. 10 Marks
Explanations to hint to the assignment
Task 1 is a training of how to get access to macroeconomic data. Macroeconomics is essentially an empirical science, therefore “get the data” is the most important task for almost every macroeconomic task. When you obtain the data, the exercises in this section will train you how to use these data.
In Task 2, you are asked to identify the business cycles in the country of your choice. The concept of business cycle is taught in week 9 slide 7. The following three graphs are from the slide.
This illustrates the business cycle in Australia. The three bars on the diagrams indicate the three periods of economic recession in Australia. You are asked to investigate the business cycle for the country of your choice, i.e. to identify the time periods of economic recessions in the country. It is not easy to identify the business cycle. This is why you should look into the existing literature to find what has been discussed about the business cycle in the country. For example if you choose Japan as the country for your investigation, the following link provides information on Business cycles in Japan https://sites.google.com/site/kjcca2013/japan-s-business-cycle.
When you read two more such papers, you will know a lot more on the business cycles in Japan.
As a result of section 2 you will produce three similar diagrams as given above for the country of your choice, say, for Japan. You will know if the country is currently in economic recession or not.
Task 3. Once you know whether the economy of the country is in recession or not you need to produce the corresponding AD-AS diagram. For Economy in equilibrium this would be a diagram similar to the diagram on slide 19. If it is in an economic recession due to decline in aggregate demand this would be a similar diagram as on slide 21. If it in recession due to decrease in aggregate supply, this would be similar to the diagram on slide 23. Please keep in mind a diagram of AD-AS is used to reflect your assessment of the business cycle.
Task 4. Four macroeconomic issues are Economic growth, inflation, unemployment and international trade. You need to briefly discuss one of the four macroeconomic issues in the country of your choice. Again here you need to use literature to read about the current issues. For example, this link may help you to know what is the current issues in Japan: https://www.weforum.org/agenda/2018/12/japans-economic-outlook-in-five-charts. You need only to address one issue. After doing this you will know how macroeconomics as we learn in the class, is related to the reality and the issues discussed in the press.
Task 5. It is about the global economy.
In many countries the GFC during 2008-09 to 2011-12 had a negative impact on economic growth, unemployment. Comparing across the four countries you should obtain some idea of the impact of GFC. Australia is almost the only country that was able to avoid an economic recession during the GFC period. You could assess the impact of GFC on the four countries in this section.
Alternatively, the impact of COVID 19 will be the common source of shocks. So you can also choose to compare the impact if COVID 19 on the four countries and compare the policy responses in the four countries.
When you finish the five tasks above and put them together with a title “Macroeconomic Briefing of ….”. Then using right format and correct references (see p. 1), you will be producing an assignment.
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