ECON XXXXXXXXXXEssay Marking Ru
ic
Fail Pass Credit Distinction High Distinction
Articulation of
issue
Issue is not clearly and/or
co
ectly identified and/or
defined.
Issue is reasonably clearly and
co
ectly identified and defined.
Issue is mostly clearly and
co
ectly identified and defined.
Issue is clearly and co
ectly
identified and defined, providing
some original/innovative/
advanced insight into the issue.
Issue is clearly and co
ectly
identified and defined, providing
significant original/innovative/
advanced insight into the issue.
Analysis and
Evaluation
Information analysed is
insufficient, i
elevant and/or
inappropriate; theories, concepts,
frameworks, models, techniques
and/or tools used in the analysis
are insufficient, i
elevant 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
easonably comprehensive
analysis.
Information from a
oad range of
elevant/appropriate sources is
analysed using a
oad range of
elevant/appropriate theories,
concepts, frameworks, models,
techniques and/or tools to
develop a clear and
comprehensive analysis.
Information from an extensive
ange of relevant/appropriate
sources is analysed using an
extensive range of
elevant/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
eference to key relevant and
appropriate contextual factors (eg
constraints, limitations, risks,
implications); and/or the
ecommended solution is
unclear, unfeasible and/or
inappropriate.
A limited range of potential
positions and solutions are
identified and evaluated with
eference to key relevant and
appropriate contextual factors (eg
constraints, limitations, risks,
implications) leading to the
ecommendation of a generally
feasible and appropriate solution.
A range of potential positions and
solutions are identified and
evaluated with reference to key
elevant and appropriate
contextual factors (eg
constraints, limitations, risks,
implications) leading to the
ecommendation of a feasible
and appropriate solution.
A
oad range of potential
positions and solutions are
identified and evaluated with
eference to all relevant and
appropriate contextual factors (eg
constraints, limitations, risks,
implications) leading to the
ecommendation 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
elevant contextual factors (eg
constraints, limitations, risks,
implications) leading to the
ecommendation of an
original/innovative/creative,
obust, 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
co
ectly structured and fluent.
The text demonstrates effective
planning and is mostly clearly
and appropriately structured for
the purpose. Sentences (and oral
equivalent) are mostly co
ectly
structured and fluent.
The text demonstrates effective
planning and is clearly and
appropriately structured for the
purpose. Sentences (and oral
equivalent) are always co
ectly
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 Ru
ic
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 equili
ium 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
eakout 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 cu
ent
approach to unconventional policy in XXXXXXXXXX? What are the inflation and economic activity
enefits 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
anks 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 cu
encies (CBDCs)
or have begun experimenting with them. Should they?
How will these cu
encies work? Compare them to existing private crypto- and digital-
cu
encies (like BITCOIN). What are the monetary, financial, macroeconomic and policy
implications of digital cu
encies? Should the RBA introduce a digital cu
ency? Should/can
there be both private and public digital cu
encies 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'
esponses 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 XXXXXXXXXXIs 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
ate 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?