Fiscal Policy Essay

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FACULTY OF EDUCATION AND ARTS
School of ARTS
Melbourne
SEMESTER 1, 2022
ECON305: Economic Policy Analysis
UNIT OUTLINE
Credit points: 10
Prerequisites: 10 cp from 200-level units in Economics
Incompatibles: ECON200 Economics: Policy Frameworks and Markets
Lecturer in Charge: Svetlana Maslyuk
Office location: 412.G.04
Email: Svetlana.Maslyuk@acu.edu.au
Telephone: (03) 9953-3966
Contact me: email, zoom or by appointment
Unit rationale, description and aim: Economists are called upon to forecast and interpret changing
economic markets, policies and outcomes in contemporary society. This capstone unit, therefore,
focuses on the application of economic theory to a broad range of real-world economic policies such
as the Australian national competition policy, economic reasons for Aboriginal poverty in Australia and
policies to tackle this issue, renewable energy targets and environmental policies, and labour market
policies. In addition, the students will apply their acquired skills and knowledge of economics policies
by conducting cost-benefit analysis exercises which are required in the industry and government.
Being a capstone unit, it will draw upon on the knowledge and necessary advanced skills that students
have acquired in microeconomics, macroeconomics and other strands of the economics major.
Students will develop an individual research project on genuine economic policies and problems. The
aim of the unit is to enhance students’ skills in research, analysis and critical thinking in the area of
economic policymaking.
Mode: online
Attendance pattern: 1 x 1-hour pre-recorded lecture & 1 x 2-hour Zoom tutorial session each week.
Duration: 150 hours in total with a normal expectation of 36 hours of directed study and the total contact
hours should not exceed 36 hours. Directed study might include lectures, tutorials, webinars, podcasts
etc. The balance of the hours then become private study.
Page 1 of 11
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
LEARNING OUTCOMES
On successful completion of this unit, students should be able to:
LO1.
Critically analyse the key factors influencing economic policies (GA2, GA9);
LO2.
Analyse the limitations, unintended consequences, short run and long run impacts that economic
policies have on various economies, including Australia (GA4, GA6);
L03.
Independently formulate and undertake a specific research task according to the methodological
and ethical conventions of the economics discipline. (GA3, GA6, GA9);
LO4.
Critically evaluate the costs and benefits of economic policy decisions in complex situations (GA2,
GA3, GA4, GA5, GA9).
GRADUATE ATTRIBUTES
On successful completion of this unit, students should have developed their ability to:
GA2 recognise their responsibility to the common good, the environment and society
GA3 apply ethical perspectives in informed decision making
GA4 think critically and reflectively
GA6 solve problems in a variety of settings taking local and international perspectives into
account
GA9 demonstrate effective communication in oral and written English language and visual media
CONTENT
Topics may include:
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Economic challenges and choices;
The impact of global policies on Australia;
The impact of interest rate policy in Australia;
Fiscal Policy implications;
Tax reform in Australia;
The economics of education policies;
Income and wealth distribution;
Environmental policies;
Policies for growth;
Labour market reform;
Financial deregulation;
Privatisation and corporatization;
Economic reasons for Aboriginal poverty in Australia and policies to tackle this issue;
Cost benefit analysis.
QUALITY ASSURANCE AND STUDENT FEEDBACK
This unit has been evaluated through the ‘Student Evaluation of Learning and Teaching’ (SELT) online
surveys.
The unit has been updated to reflect the contemporary nature of economic issues and policies. Texts
and other resources have also been updated to ensure the outstanding levels of graduate skills and
student satisfaction associated with economics at ACU.
SELT surveys are usually conducted at the end of the teaching period. Your practical and constructive
feedback is valuable to improve the quality of the unit. Please ensure you complete the SELT survey for
the unit. You can also provide feedback at other times to the unit lecturers, course coordinators and/or
through student representatives.
Page 2 of 11
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
LEARNING AND TEACHING STRATEGY AND RATIONALE
This unit embraces a constructivist approach to learning where students are encouraged to acquire,
assimilate and apply microeconomic economic terms and concepts to real-world issues. Lectures will
provide relevant microeconomic theory and content and tutorials will incorporate scaffolded activities
carefully designed by the lecturer to assist in the development of skills particular to the discipline such as
applying economic models. Students will engage in a variety of tasks related to the constructing and
applying of economic terms, concepts and models to real world scenarios. Tutorial participation will also
provide an opportunity to improve group cohesion and collaboration.
This is a 10-credit point unit and has been designed to ensure that the time needed to complete the
required volume of learning to the requisite standard is approximately 150 hours in total across the
semester. To achieve a passing standard in this unit, students will find it helpful to engage in the full range
of learning activities and assessments utilised in this unit, as described in the learning and teaching
strategy and the assessment strategy. The learning and teaching and assessment strategies include a
range of approaches to support your learning such as reading, reflection, discussion, webinars, podcasts,
video etc.
LECTURE CAPTURE
Video lectures will be uploaded on Echo360 and subject LEO page:
https://leo.acu.edu.au/course/view.php?id=40399
Tutorials will be delivered in real time via Zoom. Tutorials will also be recorded and uploaded on
Echo360.
SCHEDULE
For the most up-to-date information, please check your LEO unit and also note advice from your
lecturing and tutoring staff for changes to this schedule.
Week
Starting
Tutorial content
Weekly readings and deadlines
1
28/02/2022
Topic 1: Macroeconomic
review and introduction to
economic policymaking.
Greene, ch.1
2
07/03/2022
Labour Day (VIC):
Monday 8 March
Greene, ch. 2 (real sector), and 3 (external
sector).
Topic 2: Analysing
economic performance: real
and external sectors.
3
14/03/2022
Page 3 of 11
Topic 2: Analysing
economic performance:
monetary and fiscal sectors.
Interrelationship between
the sectors.
Greene, ch. 4 (fiscal sector), 5 (monetary
sector) and 6 (interrelationship).
Government Finance Statistics.
RBA balance sheet.
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
Week
Starting
Tutorial content
Weekly readings and deadlines
4
21/03/2022
Topic 3: Fiscal policy
Greene, ch. 7
Charter of Budget Honesty
5
28/03/2022
SEMESTER 1 CENSUS
DATE
31 Mar 2022
Topic 4: Monetary policy.
Federal Budget is due on
29 March 2022
Greene, ch. 8
RBA
6
04/04/2022
Topic 5: Exchange rate
policies.
Assignment 1 (Part 1, Fiscal policy) is due
on (April 10), 11.55 pm
Greene, ch. 9
7
8
11/04/2022
Topic 6: Economic policies
and the business cycle
18/04/2022
UA Vacation week (All campuses)
25/04/2022
Anzac Day Public holiday:
(ACT/QLD)
Monday 26 April 2021
Topic 7: Microeconomic
policies and structural
reform.
9
10
02/05/2022
09/05/2022
Handout to be provided
Assignment 1 (Part 2, Fiscal policy) is due
on (April 25), 11.55 pm
Handout to be provided
Topic 8: Using policies to
achieve certain
macroeconomic objectives:
case studies.
Greene, ch. 9
Topic 8: Cost-benefit
analysis
Assignment 2 is due on Sunday week 9 (May
15), 11.55 pm
Reinhart (2004) – 3 case studies,
Welk (1938) – Fascist Italy.
Handout to be provided
11
16/05/2022
Page 4 of 11
Topic 8: Cost-benefit
analysis
Handout to be provided
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
Week
Starting
Tutorial content
Weekly readings and deadlines
12
23/05/2022
Revision and exam
preparation
Past exams (2020-2021) will be provided
Study
week
06/06/2022
Exam
week
13/06/2022
School based exam will be
online in the Assessments
folder in the first week of the
examination period.
ASSESSMENT STRATEGY AND RATIONALE
These assessments encourage students to undertake practice-based learning to develop and advance
further the skills required by professionals working in the area of economic policy.
Assessments in this unit include:
1.
A proposal or case study which helps students to master such essential skills as analysis of
economic policies and data, interpreting and forecasting potential impacts of various government
policies, drawing recommendations of these policies and studying the basics of cost benefit
analysis.
2.
The research assignment provides students with the opportunity to undertake research into the
scholarship on a recent specific Australian or international public policy issue of student’s choosing
and to develop further communication, and writing skills based on comprehensive analysis of this
issue. An integral part of this assignment is an oral presentation using various media where
students are mastering their presentation and public speaking skills.
2.
Take-home exam. The final exam will require students to analyse case studies based on the actual
public policy issue in Australia and overseas. For this analysis, students will need to apply their
theoretical knowledge gained in the course to the complex real-world situation, be able to draw
economic implications of the public policy issue, comment on the unintended consequences of
public policy and potentially suggest policy recommendations. The task may include multiple case
studies and be delivered as central examination, school-based examination, or take-home
examination.
ELECTRONIC SUBMISSION, MARKING AND RETURN
In line with the University Policy, there are three assessments:
Brief Description of Kind and Purpose of
Assessment Tasks
Assignment 1: Fiscal or Monetary policy
analysis
This task develops students’ ability to analyse
economic policies and data, interpret and forecast
potential impacts of fiscal and/or monetary
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Weighting
Learning
Outcome/s
Assessed
Graduate
Attributes/
Generic Skills
LO1, LO2
GA2, GA3,
GA4, GA5,
GA6, GA9
30%
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
government policies, and draw recommendations of
these policies applying the basics of cost benefit
analysis.
Assignment 2: Research assignment
This assignment tests students’ capacity to
independently research and analyse a policy in
Australia or overseas.
30%
Take-Home Examination
The final examination will allow students to apply the
skills and knowledge acquired during the unit to a
particular case of economic development, analyse
real world economic issues, and evaluate economic
policies which might foster or delay development.
Students will be expected to draw on materials and
readings studied over the semester to provide
evidence for answers.
40%
LO2, LO3
GA2, GA3,
GA4, GA5,
GA6, GA9
LO1, LO2,
LO3
GA2, GA3,
GA4, GA5,
GA6, GA9
ASSIGNMENT 1
This assignment is focused on the analysis of monetary policy (Part 1) and fiscal policy (Part 2). You will
be required to analyse fiscal sector and monetary sector documents (such as Central Bank Balance
sheet or Government Finance Statistics).
Due date:
April 10, 2022, 11.55 pm (Part 1) and April 25, 2022, 11.55 pm (Part
2).
Weighting:
30% (15% for Fiscal Policy and 15% for Monetary Policy)
Length and/or format:
1000 words
Purpose:
This task develops students’ ability to analyse economic policies
and data, interpret and forecast potential impacts of various
government policies, and draw recommendations of these policies.
Learning outcomes assessed:
LO1, LO2
How to submit:
Submit your work via Turnitin on LEO
Return of assignment:
Grades and feedback for each written assignment will be returned
via LEO within three weeks of the submission date
Assessment criteria:
The Assessment 1 will be based on: 1) the communication of
economic information, ideas and issues in appropriate forms; 2) the
demonstration of knowledge and understanding of unit content; 3)
the analysis, synthesis and evaluation of economic policy
ASSIGNMENT 2
You are required to select a government policy decision (except for fiscal and monetary policy) and
analyse the impact of that policy using the elements of cost-benefit analysis.
Due date:
May 15, 2021, 11.55 pm
Weighting:
40%
Page 6 of 11
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
Length and/or format:
1500-2000 words
Purpose:
This assignment tests students’ capacity to independently develop
and research a policy in Australia or overseas.
Learning outcomes assessed:
LO2, LO3
How to submit:
Submit your work via Turnitin on LEO
Return of assignment:
Grades and feedback for each written assignment will be returned
via LEO within three weeks of the submission date
Assessment criteria:
Students should demonstrate their: 1) ability at devising an
appropriate topic and making a presentation; 2) ability to interpret
statistics and apply relevant economic tools; 3) skills in analysing
relevant economic theory; 4) skill in applying economic theory
and/or models; 5) ability to use a wider range of scholarly sources;
6) ability to put a logical argument together, clearly and succinctly;
7) application of correct referencing styles (please see Rubric in
Appendix).
ASSIGNMENT 3
In the first week of the university exam period, you will be given a particular economic scenario and will
be required to propose appropriate economic policy tools. You will have 3 days to research the issue,
prepare and submit your answer.
Due date:
university exam period
Weighting:
40%
Length and/or format:
2500-3000 words
Purpose:
Testing learning objectives for weeks 1-12.
Learning outcomes assessed:
LO1, LO2, LO4
How to submit:
Electronically via subject website.
Return of assignment:
Feedback will be provided individually in the last week of the
examination period.
Assessment criteria:
It will be marked according to the student’s ability to apply lecture,
tutorial and reading content to the series of questions that discuss
and interpret key economic factors, analyse impact of economic
policy, evaluate costs and benefits.
REFERENCING
This unit requires you to use the Harvard referencing system.
See the ‘Academic referencing’ page of the Student Portal for more details.
ACU POLICIES AND REGULATIONS
It is your responsibility to read and familiarise yourself with ACU policies and regulations, including
regulations on examinations; review and appeals; acceptable use of IT facilities; and conduct and
responsibilities. These are in the ACU Handbook, available from the website.
A list of these and other important policies can be found at the University policies page of the Student
Portal.
Page 7 of 11
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
Assessment policy and procedures
You must read the Assessment Policy and Assessment Procedures in the University Handbook: they
include rules on deadlines; penalties for late submission; extensions; and special consideration. If you
have any queries on Assessment Policy, please see your Lecturer in Charge.
Please note that:
(1) any numerical marks returned to students are provisional and subject to moderation;
(2) students will not be given access to overall aggregated marks for a unit, or overall unit grade
calculated by Gradebook in LEO;
and,
(3) students will be given a final mark and grade for their units after moderation is concluded and official
grades are released after the end of semester.
Academic integrity
You have the responsibility to submit only work which is your own, or which properly acknowledges the
thoughts, ideas, findings and/or work of others. The Academic Integrity and Misconduct Policy and the
Academic Misconduct Procedures are available from the website. Please read them, and note in
particular that cheating, plagiarism, collusion, recycling of assignments and misrepresentation are not
acceptable. Penalties for academic misconduct can vary in severity and can include being excluded from
the course.
Turnitin
The Turnitin application (a text-matching tool) will be used in this unit, in order to enable:
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students to improve their academic writing by identifying possible areas of poor citation and
referencing in their written work; and
teaching staff to identify areas of possible plagiarism in students’ written work.
While Turnitin can help in identifying problems with plagiarism, avoiding plagiarism is more important.
Information on avoiding plagiarism is available from the Academic Skills Unit.
For any assignment that has been created to allow submission through Turnitin (check the Assignment
submission details for each assessment task), you should submit your draft well in advance of the due
date (ideally, several days before) to ensure that you have time to work on any issues identified by
Turnitin. On the assignment due date, lecturers will have access to your final submission and the Turnitin
Originality Report.
Please note that electronic marking, Grademark, is used in this unit using Turnitin. Turnitin will be used
as a means of submitting, marking and returning assessment tasks and so a text matching percentage
will appear on your submission automatically.
FIRST PEOPLES AND EQUITY PATHWAYS DIRECTORATE FOR ABORIGINAL AND TORRES
STRAIT ISLANDER STUDENTS
Every campus provides information and support for Aboriginal and Torres Strait Islander Students.
Indigenous Knowings are embedded in curricula for the benefit of all students at ACU.
STUDENT SUPPORT
If you are experiencing difficulties with learning, life issues or pastoral/spiritual concerns, or have a
disability/medical condition which may impact on your studies, you are advised to notify your Lecturer in
Charge, Course Coordinator and/or one of the services listed below as soon as possible.
For all aspects of support please visit ACU Info section in the Student Portal.
Page 8 of 11
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
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Academic Skills offers a variety of services, including workshops (on topics such as assignment
writing, time management, reading strategies, referencing), drop-in sessions, group appointments
and individual consultations. It has a 24-hour online booking system for individual or group
consultations.
Campus Ministry offers pastoral care, spiritual leadership and opportunities for you to be
involved with community projects.
The Career Development Service can assist you with finding employment, preparing a resume
and employment application and preparing for interviews.
The Counselling Service is a free, voluntary, confidential and non-judgmental service open to all
students and staffed by qualified social workers or registered psychologists.
Disability Services can assist you if you need educational adjustments because of a disability or
chronic medical condition; please contact them as early as possible.
ONLINE RESOURCES AND TECHNOLOGY REQUIREMENTS
The LEO page for this unit contains further readings/discussion forums.
https://leo.acu.edu.au/course/view.php?id=40399
You should note that it is your responsibility to monitor LEO activity to monitor if any messages have
been posted for you, including particularly messages that might not have been forwarded to you via
email, and especially to check for feedback after submission of assessment tasks.
In addition, for this unit you will be required to use the following technologies:
? Zoom
? Microsoft excel
TEXTS AND REFERENCES
Required text(s)
Greene, J, E. (2018) Macroeconomic analysis and policy: A Systematic Approach. World Scientific
Publishing, Singapore. -> this textbook is available on the ACU Library website.
Recommended references
Congdon, W. J., Kling, J.K., and Mullainathan, S. (2011), Policy and Choice: Public Finance through the
Lens of Behavioral Economics, Brookings Institution Press.Available online:
http://www.brookings.edu/~/media/Press/Books/2011/policyandchoice/policya ndchoice_book.pdf
.
Baumol, W. and Blinder, A. (2019), Economics – Principles and Policy. 13th Edition, Cengage Learning,
Melbourne.
Birkland, T. A. (2019). An Introduction to the Policy Process: Theories, Concepts, and Models of Public
Policy Making, 5th Edition, Routledge.
Davis, G., Althaus, C., and Bridgman, P. (2017). The Australian Policy Handbook: A practical guide to
the policy making process, 6th edition, Allen & Unwin, Sydney.
Gans, J. King, S. Byford, M. and Mankiw, N. (2018), Principles of Microeconomics. 7th Edition. Cengage
Learning, Melbourne.
Hubbard, G., Garnett, A.M., Lewis, P., and O’Brien, P (2018), Essentials of Economics, 7th Edition,
Pearson Education, Sydney.
Leigh, A. (2013), Battlers and Billionaires. The story of inequality in Australia. Redback, Collingwood.
Libich, J. (2016), Real-World Economic Policy. Cengage Learning, Melbourne.
Page 9 of 11
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
Stokes, A. and Wright, S. (2016), Contemporary Economic Policies and Issues in Australia. 2nd Edition.
Greenacre Educational Publications, Sydney.
Stokes, A. and Wright, S. (2011), Higher Education Policy in Australia since WWII. Greenacre
Educational Publications, Sydney.
Further references
Parkin, M. and Bade, R. (2019), Microeconomics: Australia in the Global Environment, 2nd edition,
Pearson Australia.
Reinert, Erik S. (2004): How rich nations got rich. Essays in the history of economic policy. Published in:
Working paper. Available online: How rich nations got rich. Essays in the history of economic policy.
– Munich Personal RePEc Archive (uni-muenchen.de)
Welk, W. (1938). Fascist economic policies: An Analysis of Italy’s Economic Experiment. Harvard
University press.
Recommended websites
RBA – www.rba.gov.au
RBA balance sheet: https://www.rba.gov.au/statistics/frequency/stmt-liabilities-assets.html
Bank of International Settlements – www.bis.org
Government Finance Statistics, Australia, September 2020 | Australian Bureau of Statistics (abs.gov.au)
https://www.abs.gov.au/statistics/economy/government/government-finance-statisticsaustralia/latest-release
APPENDICES: Assessment 2 Research Assignment Marking Criteria
Marks (Grade)
Marking criteria
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Demonstrates extensive knowledge and research to develop a logically
sequenced answer that highlights a clear understanding of a government
economic policy and how it is implemented.
Uses relevant research and calculations to support a comprehensive
discussion of how the economic policy impacts on areas of the Australian
economy.
Integrates economic terms, concepts, theory and graphs in their
explanation.
Application of correct referencing style.
Demonstrates appropriate knowledge and research to develop a logically
sequenced answer that highlights an understanding of a government
economic policy and how it is implemented. Uses some relevant data
sources and/or calculations to support a discussion of how the economic
policy impacts on areas of the Australian economy.
Uses economic terms, concepts, theory and graphs in their explanation.
Application of correct referencing style.
Page 10 of 11
85%-100% (HD)
75%-84% (DI)
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
•
•
•
•
•
•
•
•
•
•
•
•
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Demonstrates some knowledge and research to develop an answer that
highlights an understanding of a government economic policy and how it is
implemented.
Uses some data sources and/or calculations to discuss how the economic
policy impacts on areas of the Australian economy.
Uses some economic terms, concepts, theory and graphs in their
explanation.
Some application of correct referencing style.
Demonstrates generalised knowledge and limited research to discuss a
government economic policy.
Discusses how the economic policy impacts on a limited number of areas of
the Australian economy.
Limited use of economic terms, concepts, and theory in their explanation.
Applies some level of referencing.
Demonstrates basic knowledge of a government economic policy.
Limited explanation of how the economic policy impacts on the Australian
economy.
Basic use of economic terms in their explanation.
Limited or no referencing.
Demonstrates very limited knowledge of a government economic policy.
Cannot explain how the economic policy impacts on the Australian
economy.
Incorrect use of economic terms in their explanation.
Limited or no referencing.
Page 11 of 11
65%-74% (CR)
50%-64% (PA)
35%-49% (NN)
0%-34% (NN)
ECON305: Economic Policy Analysis, Semester 1, 2022, St Patrick’s Campus (Melbourne)
Introduction to the unit and your lecturers
Unit Overview & Expectations
In this subject we will discuss different types of economic policies that governments have used and are using at
present in different economic scenarios.
On successful completion of this unit, students should be able to:
LO1. Critically analyse the key factors influencing economic policies (GA2, GA9);
LO2. Analyse the limitations, unintended consequences, short run and long run impacts that economic
policies have on various economies, including Australia (GA4, GA6);
LO3. Independently formulate and undertake a specific research task according to the methodological and
ethical conventions of the economics discipline. (GA3, GA6, GA9);
LO4. Critically evaluate the costs and benefits of economic policy decisions in complex situations (GA2, GA3,
GA4, GAS, GA9).

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