Macroeconomics in the Global Economy
University of Newcastle
Area of Study
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Host University Units10
Recommended U.S. Semester Credits3 - 4
Recommended U.S. Quarter Units4 - 6
Hours & Credits
OverviewThe state of the macroeconomy is a major influence on employment opportunities and pay, which impacts directly on the economic and social welfare of most citizens; this is most apparent at times of economic crisis. This course provides a coherent theoretical framework within which to analyse and understand the evolution of (macro)economies over time, and the impact of policies. Key economic issues including the Global Financial Crisis and its real manifestation in the form of persistent unemployment, high public debt, and growing poverty are investigated. Highly contested, contemporary policy debates with respect to issues such as inflation, exchange rate regimes, fiscal rules and prudential regulation, are also reviewed, along with their impact on business organisations and households. Students will have the opportunity to develop an international macroeconomic perspective, while developing attributes, including critical and adaptive thinking, the capacity to synthesise competing points of view and effective communication.LEARNING OUTCOMES1. Utilise basic macroeconomic concepts and theoretical principles to understand the evolution of the macroeconomy and how it impacts on both the welfare of households and the sustainability of business organisations.2. Access economic data which are pertinent to contemporary macroeconomic debates and use numerical and graphical techniques to analyse these data.3. Demonstrate that Macroeconomics is a contested discipline with different intellectual perspectives on the most appropriate way to manage the macroeconomy.4. Adopt critical and adaptive thinking to assess current media and government reports about macroeconomic analysis and policy, with particular reference to the Global Financial Crisis.5. Interpret and effectively communicate economic processes and policies to suit the context and audience.6. Demonstrate that a solid understanding of Macroeconomics is important for a well-rounded education in the Business and Commerce disciplines, since it underpins well informed business decisions.CONTENTLectures may include, but are not restricted to, the following topics:Key macroeconomic conceptsGDP and the circular flow of income.The determination of economic activityMoney and banking. The behaviour of Central Banks: monetary policy and the term structure of interest rates.Fiscal policy, deficits and public debt crises.Theories of inflation.Exchange rates and international trade.Contemporary macroeconomic policy debates with particular reference to the Global Financial Crisis.ASSESSMENT ITEMSTutorial / Laboratory Exercises: Tutorial AssessmentsTutorial / Laboratory Exercises: Tutorial collaboration and engagementQuiz: QuizIn Term Test: Mid Semester Test
Courses and course hours of instruction are subject to change.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.