Tuesday, 10th of August (9.30am – 1pm)
Friday, 13th of August (9am – 1pm)
Tuesday, 17th of August (9am – 12.30pm)
Thursday, 19th of August (9am – 12.30pm)
St Andrews, The Terrace, Wellington
Cost: $500+GST
Introduction to Macroeconomic Principles for Policy
Brief Description
The objective of this short course is to provide participants with a basic appreciation of the principal concepts of macroeconomics with emphasis on their application to public policy analysis. To do this the course will help participants develop an appreciation of:
• the nature of economic aggregates by providing a primer on basic concepts that underpin the macroeconomy;
• the role of government in (a) providing the statutory framework (eg the Public Finance Act 1989, the Reserve Bank of New Zealand Act 1989) and (b) shaping the decisions of individuals and firms through its role in savings, investments, tax and welfare and foreign exchange; and
• the micro foundations of macroeconomics by recognising that all outcomes in the macroeconomy are the results of decisions taken by households and firms.
• the key elements of monetary and fiscal policy with particular reference to the policy responses to Covid-19.
Course Objectives
On completion of this course participants will:
• have an understanding of key macroeconomic terms and concepts;
• be able to relate these to current policy debates; and
• appreciate how macroeconomic outcomes reflect the microeconomic decisions of firms and households and the role of government in shaping those decisions through policies related to stabilisation, redistribution,taxes, welfare, trade, savings and investment;
• have a basic understanding of the role of monetary and fiscal policies especially in the context of Covid-19.
Session outline and delivery
Day 1: The Big Picture
1.1 Macro questions
1.2 Why learn macroeconomics?
1.3 Introduction to economic models
1.4 Measuring the macroeconomy
Day 2: The Big World
2.1 Some essential models
2.2 Open and Closed economies
2.3 Gains from Trade
2.4 Terms of Trade
2.5 Tariffs
2.6 Global Capital markets
2.7 Exchange rates
2.8 The Current Account and the External Debt
Day 3: The Big Policies
3.1 Fiscal policies
3.2 Monetary policy
3.3 Inflation
3.4 A simple model
Day 4: The Big Debates
4.1 Why does productivity matter?
4.2 How can policy makers promote economic growth?
Covid 19: A Roundtable Discussion
4.3 Covid-19: What are the macroeconomic implications?
4.4 Covid-19: Can we ever get out of debt?
Target Audience and assumed background
N/A
Course Costs
This course is provided by the Government Economics Network (GEN) at a cost of $500 plus GST per person.