Choose one question and Use figures, diagrams and graphs in the essay
ECON3011 -- Essay Marking Rubric Fail Pass Credit Distinction High Distinction Articulation of issue Issue is not clearly and/or correctly identified and/or defined. Issue is reasonably clearly and correctly identified and defined. Issue is mostly clearly and correctly identified and defined. Issue is clearly and correctly identified and defined, providing some original/innovative/ advanced insight into the issue. Issue is clearly and correctly identified and defined, providing significant original/innovative/ advanced insight into the issue. Analysis and Evaluation Information analysed is insufficient, irrelevant and/or inappropriate; theories, concepts, frameworks, models, techniques and/or tools used in the analysis are insufficient, irrelevant and/or inappropriate; and/or the analysis is unclear and/or insufficient. Information from key relevant/ appropriate sources is analysed using key relevant/appropriate theories, concepts, frameworks, models, techniques and/or tools to develop a reasonably clear and reasonably comprehensive analysis. Information from key relevant/ appropriate sources is analysed using key relevant/appropriate theories, concepts, frameworks, models, techniques and/or tools to develop a clear and reasonably comprehensive analysis. Information from a broad range of relevant/appropriate sources is analysed using a broad range of relevant/appropriate theories, concepts, frameworks, models, techniques and/or tools to develop a clear and comprehensive analysis. Information from an extensive range of relevant/appropriate sources is analysed using an extensive range of relevant/appropriate theories, concepts, frameworks, models, techniques and/or tools to develop a sophisticated clear and comprehensive analysis. Position and Solutions An insufficient range of potential positions and solutions are identified; not evaluated with reference to key relevant and appropriate contextual factors (eg constraints, limitations, risks, implications); and/or the recommended solution is unclear, unfeasible and/or inappropriate. A limited range of potential positions and solutions are identified and evaluated with reference to key relevant and appropriate contextual factors (eg constraints, limitations, risks, implications) leading to the recommendation of a generally feasible and appropriate solution. A range of potential positions and solutions are identified and evaluated with reference to key relevant and appropriate contextual factors (eg constraints, limitations, risks, implications) leading to the recommendation of a feasible and appropriate solution. A broad range of potential positions and solutions are identified and evaluated with reference to all relevant and appropriate contextual factors (eg constraints, limitations, risks, implications) leading to the recommendation of a robust, feasible and appropriate solution. An extensive range of potential positions and solutions, including some original/innovative/creative insights, are identified and evaluated with reference to all relevant contextual factors (eg constraints, limitations, risks, implications) leading to the recommendation of an original/innovative/creative, robust, feasible and appropriate solution. Structure of text The text demonstrates inadequate planning and/or is unclearly and/or inappropriately structured for the purpose. Sentences (and oral equivalent) are poorly structured and/or awkward. The text demonstrates adequate effective planning and is generally clearly and appropriately structured for the purpose. Sentences (and oral equivalent) are generally correctly structured and fluent. The text demonstrates effective planning and is mostly clearly and appropriately structured for the purpose. Sentences (and oral equivalent) are mostly correctly structured and fluent. The text demonstrates effective planning and is clearly and appropriately structured for the purpose. Sentences (and oral equivalent) are always correctly structured and mostly fluent. The text demonstrates excellent planning and is clearly and appropriately structured to advance the purpose of the text in every way. Sentences (and oral/or equivalent) are well structured and fluent. Problem solving 3011 Essay Marking Rubric Microsoft Word - ESSAY TOPICS ECON3011.docx 1 ECON3011: Essay Assignment Choose one of the topics below on contemporary macroeconomic issues, research it widely in journals, books, professional magazines, blogs etc and write a reasoned essay on the issue and its implications for macroeconomic outcomes and policy. Some suggested sub-questions to address are given under each topic; you may address some or all of these sub-questions. Format: Maximum 1500 words. You may use any number of figures and diagrams and tables. Use 12 point font, 1.5 line spaces and A4 page size. Citation: Remember to cite any writing that is not your own, and you must use quotation marks for text written by another author. The essays will be submitted online through TURNITIN that can detect copied material from anywhere at any time globally (if you can find it, TURNITIN has found it too). Put everything in your own words, or cite it explicitly. Late submissions: if not supported by the University with a Special Consideration application, they will incur a penalty. Submission: in week 13, online on iLearn. CHOOSE ONE OF THE FOLLOWING POSSIBLE TOPICS 1. Why are interest rates generally so low at present? Focus on nominal versus real interest rates, on saving-investment equilibrium models for the longer run - on demographic trends, on technology trends, on globalization. Consider negative interest rates and their implications. What have been the effects of COVID-19 on interest rates? When, why and how far might neutral interest rates rise? 2. Why have real wages been growing so slowly in recent years? Is the Phillips curve still relevant? Focus on the changing nature of jobs; technology, globalization; effect on underemployment. What has happened to the modern Phillips curve? If it does not work empirically, does this mean the New Keynesian macro model is dead? How has the COVID-19 shock and the policy responses affected wage growth? Will there be a wages breakout as inflation expectations rise? 3. Should central banks always conduct both conventional and unconventional monetary policies? Explain how each works. Focus on the effectiveness and limitations of forward guidance and longer-term asset purchases by major central banks after 2008. What is the RBA’s current approach to unconventional policy in 2020-22? What are the inflation and economic activity benefits and risks of these policies? Should we be concerned about the large expansion of central banks' balance sheets? 2 4. Evaluate the performance of inflation targeting by central banks, such as the RBA. How can it be improved? Compare with some of the possible alternatives like nominal income targeting. Should central banks be concerned about asset price inflation? Is inflation targeting becoming more challenging in 2022 as countries emerge from very low inflation and almost zero short interest rates? Should central banks be targeting average inflation over a period? How should or could central banks address issues like economic growth, income and wealth inequality, climate change? 5. What is the most likely cause of the next major financial crisis? Will it be different to previous crises? Refer to the most recent financial crisis and its aftermath, including policy responses. Consider financial imbalances in, for example, housing markets, sovereign debt markets. Is financial regulation in Australia effective enough to avoid a financial crisis here? 6. Many central banks are considering introducing their own digital currencies (CBDCs) or have begun experimenting with them. Should they? How will these currencies work? Compare them to existing private crypto- and digital- currencies (like BITCOIN). What are the monetary, financial, macroeconomic and policy implications of digital currencies? Should the RBA introduce a digital currency? Should/can there be both private and public digital currencies in circulation? 7. What are the most promising technological innovations in 2022? How will they affect/disrupt the economies of the world? Focus on artificial intelligence, machine learning, ITC, robotics. What are the likely macroeconomic implications of these innovations? Relate your answer to endogenous growth modelling. How will the extended lockdown and distancing caused by governments' responses to COVID-19 affect future productivity? 8. Discuss the trends in inequality in rich countries? What are the macroeconomic policy implications? Compare trends in income and wealth inequality. Explain how these are measured. What are the main causes of the trends? Why should we care? What are governments doing to combat these trends? Are they doing enough? How does Australia compare with other rich countries? 9. Fiscal authorities have run large deficits and expanded government debt to maintain aggregate demand in the face of COVID-19 from 2020-22. Is this sustainable in the longer run? Explain in the context of the temporal and intertemporal government budget constraint. Explain why the difference between the (safe) real interest rate (r) and the long run growth rate of GDP (g) matters. Does the power of government to create `money’ imply that it can spend whatever it likes? What causes the limits to this freedom?