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Denny Lie

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Understanding the Australian economy: An introduction to macroeconomic and financial policies

The University of Sydney

About this Course

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This four-week, four-module course explores selective aspects of the Australian economy, with emphasis on macroeconomic and financial policies. The course introduces participants to several key attributes of the Australian economy and discusses how they are influenced by both domestic and international forces. We will examine some of the key issues and dilemmas facing the Australian economy and how policymakers can deal with them using monetary and fiscal policies. There will also be a discussion on the still-fresh 2007-2010s global financial crisis, the lessons learned, and how policymakers deal with the aftermath. Discussions will be centered around sound economic theories and reasoning, and utilize actual data whenever applicable. Applications of the economic reasoning and theories to current, real-world issues pertaining to the Australian economy will also be provided. In addition to conventional lectures, the course also contains several interviews with relevant experts and practitioners. No prior knowledge or training in economics is required.

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Approx. 14 hours to complete

English

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Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Approx. 14 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.61/5 (18 Ratings)

Denny Lie

School of Economics

4,103 Learners

1 Course

Offered by

The University of Sydney

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Syllabus - What you will learn from this course

Week1

Week 1

3 hours to complete

The Australian economy in a nutshell

Welcome to the MOOC! This week we will take a whirlwind tour of the Australian economy. More specifically, we will examine Australia's economy according to four key macroeconomic variables: gross domestic product, unemployment rate, inflation rate and exchange rate. Also, this week we will step back in time for a short history of the exchange rate regimes in Australia. Through this journey, we will explore why our nation is currently in the era of floating exchange rates.

3 hours to complete

7 videos (Total 29 min), 4 readings, 1 quiz

Week2

Week 2

3 hours to complete

Monetary policy and the RBA

This week, we will drill down deeper into the heart of the Australian economy to explore monetary policy and the role of the central bank (the Reserve Bank of Australia, RBA) in stabilising and influencing the economy. First, we'll look at the transmission channels of monetary policy to see how the RBA can influence inflation and the level of activity in the economy. Next, we'll examine a simple but powerful framework to explain the RBA's stabilisation policies.

3 hours to complete

11 videos (Total 67 min), 2 readings, 1 quiz

11 videos

Introduction to Module 21mMonetary policy4mThe transmission channel5mThe IS-LM model9mInflation and output stabilisation4mExchange rate stabilisation I12mExchange rate stabilisation II4mPrimary challenges in achieving the RBA's objectives6mFactors that may impact on the conduct of monetary policy3mModule 2 conclusion1mOPTIONAL - Full interview with Malcolm Edey13m

2 readings

Module 2 list of figures10mModule 2 further readings10m

1 practice exercise

Assessment 2 - Module 2 quiz45m

Week3

Week 3

2 hours to complete

Fiscal policy in Australia

This week we will have a brief overview of fiscal policy in Australia. Fiscal policy is an important topic and is widely used by policymakers to influence economic fluctuations, both in the short and medium run. In this module we will discuss the primary objectives and functions of fiscal policy in our nation. We will then apply a (familiar) economic framework in order to analyse fiscal policy and its impact on the economy. Using this framework, we’ll analyse several actual past, past policy episodes in the Australian economy.

2 hours to complete

9 videos (Total 47 min), 2 readings, 1 quiz

9 videos

Introduction to Module 31mIntroduction to fiscal policy in Australia8mThe objectives of fiscal policy4mThe functions of fiscal policy6mThe modified AS-AD framework6mApplying the modified AS-AD framework6mAustralian applications, 1986 - 19966mAustralian applications, 1997 - 20126mModule 3 conclusion1m

2 readings

Module 3 list of figures10mModule 3 further readings10m

1 practice exercise

Assessment 3 - Module 3 quiz45m

Week4

Week 4

5 hours to complete

The 2007 - 2010s Global Financial Crisis

5 hours to complete

12 videos (Total 73 min), 3 readings, 2 quizzes

12 videos

Introduction to Module 41mThe GFC - What happened?6mThe GFC - How did it happen?8mThe GFC - The response of the policymakers5mAn interview with Adrian Blundell-Wignall - Part 1: Why were many caught off guard by the GFC?3mThe benefits of "good luck"6mThe benefits of "good policy"6mInterview with Malcolm Edey: Why did Australia escape the worst of the GFC?3mInterview with Adrian Blundell-Wignall - Part 2: Why did Australia escape the worst of the GFC?9mModule 4 conclusion1mOPTIONAL: Full interview with Adrian Blundell-Wignall16mSummary of course2m

3 readings

Module 4 list of figures10mWhy was the Chinese economy booming at the time of the GFC?15mModule 4 further readings10m

2 practice exercises

Assessment 4 - Module 4 quiz40mAssessment 5 - End of course quiz2h

Reviews

4.5

15 reviews

5 stars
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4 stars
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3 stars
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2 stars
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TOP REVIEWS FROM UNDERSTANDING THE AUSTRALIAN ECONOMY: AN INTRODUCTION TO MACROECONOMIC AND FINANCIAL POLICIES

by LTMay 26, 2021

A breif introduction of the macroeconomy especially the period of GFC. Easy to understand. Thanks, Denny.

by JAApr 29, 2022

Myself , Jyoti Aggarwal just completed this course but have not received certificate yet. paid 59$ to get the certificate.

by MTAug 11, 2021

Great overview of the Australian economy and the role of both monetary and fiscal policy. Using the GFC to bring the learnings to life with real examples was a great way to conclude the course.

by HLOct 14, 2020

I've gained wide knowledge of the Australian economy from the professor.

View all reviews

Frequently Asked Questions

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Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
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The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I purchase the Certificate?
When you purchase a Certificate you get access to all course materials, including graded assignments. Upon completing the course, your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

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Understanding the Australian economy: An introduction to macroeconomic and financial policies

Understanding the Australian economy: An introduction to macroeconomic and financial policies

About this Course