ECON 1012 UA Economics RBA Monetary Policy Decision Essay

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Assignment 5
ECON1012 Principles of Economics Semester 2 2021
Course Learning Outcomes: 2 & 3
Topic/s of Primary Focus: Macroeconomic Fundamentals
Aggregate Supply and Aggregate Demand
Money and Inflation
(May also include content from previous topics.)
For this assignment, you will refer to the Reserve Bank of Australia’s October Monetary
Policy Decision media release, available at the below link:
https://www.rba.gov.au/media-releases/2021/mr-21-22.html
The minutes of that meeting may also be of use:
https://www.rba.gov.au/monetary-policy/rba-board-minutes/2021/
Task:
For this assignment, you are asked to provide your own analysis of RBA’s October
Monetary Policy decision.
This must be in your own words, and reflect you own understanding and application of
course content.
As part of this analysis, ensure that you include and focus on the following:
• The reasons for the RBA’s decision, including reference to various economic
variables and what they indicate about the state of the economy and what
policies might be appropriate.
• What the policy position, particularly the main position around the cash rate
target, means in terms of the RBA’s implementation, and how that is
transmitted to impact economic activity.
Make sure to use key terminology and course concepts where appropriate.
Format:
The format of your response should be an essay-style response.
You do not need to spend as much attention on formal essay structure as you might
for a persuasive or research-based essay. Instead you should focus on communicating
your ideas in a clear and concise manner and making sure there is a logical flow of
ideas and explanation.
Word Limit:
800 words (excluding diagrams and references)
1
Diagrams:
Where you use diagrams of course models, it is best if they are created by you. You
could either draw them by hand and scan/photo them into your document. Or prepare
them electronically. However, they should be your own work to better reflect your
understanding. If you wish to include diagrams or tables of data from other sources,
you can also do that with clear and appropriate referencing.
Referencing:
This is not a research assignment. So you do not necessarily need to find other
references. You should answer the question based on what you have learnt in the
course and the linked RBA page/s.
However, it is important that if you do take content directly from other sources
including course materials, both quoting and paraphrasing, that you appropriately
reference to show what is your own original thoughts and what ideas you have
borrowed from others. Please refer to the Academic Integrity Module within the course
for further guidance and links regarding referencing, plagiarism, and academic
integrity.
Where referencing is used, it can be in any standard style, so long as it is consistent.
The Harvard referencing style is preferred, as it is the standard in Economics and is
also common in Business disciplines.
https://www.adelaide.edu.au/writingcentre/resources/referencing-guides
All submissions will be analysed with the assistance of Turnitin, checking for
plagiarism against other students in the class and external sources.
Submission and Feedback
Students must submit the assignment by the due date via the electronic submission
portal on MyUni (the same page you downloaded this pdf!).
https://community.canvaslms.com/t5/Student-Guide/How-do-I-upload-a-file-as-anassignment-submission-in-Canvas/ta-p/274
It is students’ responsibility to ensure that it is correctly submitted by the due date.
Make sure that you see and check that is says ‘Submitted’.
Late submissions will generally *not* be accepted at all. Not even one minute late.
This might seem more strict than some of your other classes, but do keep in mind that
we also have a ‘best 4 of 5’ policy on the Assignments.
If you have a medical or other circumstance that you believe may allow an extension,
please email the course coordinator as soon as practical, and generally this must be
before the due date has passed.
Assignments will be graded, with grades and feedback provided within MyUni
approximately one week after the submission due date.
2
Grading
The assignment will be graded against the Assessment Criteria in the Rubric attached
to the MyUni Assignment and detailed below.
Grades will be allocated in-line with the University’s grade descriptors.
For example, a grade between 75-84 is a Distinction, which should indicate ‘A very
high standard of work which demonstrates originality and insight’.
Your grade is not matter of where you ‘lost marks’, but rather the evaluation of what
you have presented against the standards and the criteria.
Assessment Criteria
Evidence is shown of a good understanding of the RBA’s monetary
policy objectives
Evidence is shown of a good understanding of the RBA’s
implementation of monetary policy
Evidence is shown of a good understanding of the transmission of
monetary policy to economic outcomes
A good argument is made, based on understanding of economic
concepts, of how the economic circumstances have led to the
monetary policy decision of the RBA
Appropriate writing style, word count and referencing (where
relevant)
Marks (100)
10
25
15
40
10
3

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Explanation & Answer:
800 Words

Tags:
Policy Implementation

Economics RBA Monetary

impact of
inflation concerns

households and balance sheets

rise in the producer price inflation

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