Macroeconomic Policy inflation. unemployment and growth

For a decade or more, macroeconomic policy in Australia seems to have been directed primarily at

controlling inflation in the belief that success in achieving this target would be associated with

macroeconomic stability and growth.
Following the Global Financial Crisis the main emphasis of macroeconomic policy has been on trying

to avoid a recession. Contrast these two phases of policy and explain how macroeconomic policy

objectives, targets and instruments have differed.
In order to complete this task you should:
1. Outline the experience of the Australian economy over the last 10-15 years, making use of major

macroeconomic aggregates – these may be presented in summary tables and/or graphs. Stress

should be placed on the challenges facing policy makers at present and likely challenges in
2012 (700 words)
2. Discuss the concept of `instruments and targets’ in macroeconomic policy and assess how this

concept might be applied to the current policy framework in Australia. (500 words)
3. Show how the economic theory you have learnt can be used to explain current macroeconomic

policy (700 words)
Some references to get you started –
Garnett, A. and Lewis, P., ‘The Economy’, in Aulich, C. and Wettenhall R.
(eds), Howard’s Fourth Term, New South Wales University Press, Sydney.
Otto, G. (2007) `Central Bank Operating Procedures: How the RBA Achieves Its
Target for the Cash Rate’, Australian Economic Review; June, Vol. 40 Issue 2, p216-224.
Gordon, C. and Valentine, T. (2009), Economics in Focus: The Global Financial Crisis, Pearson

Education, NSW.

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