this task is based on order 80480 so please take a look and see what needs to be done
Untitled ECON3011: Essay Assignment Choose one of the topics below on contemporary issues, research it widely in journal, books, professional magazines, etc and write a reasoned essay about 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. · 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 on iLearn through TURNITIN that can detect copied material from anywhere at any time globally. Put everything in your words or cite it explicitly. · Late submissions that have not been supported by the University with a Special Consideration application will incur a penalty. 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, on demographic trends, on technology trends, on globalization. Consider negative interest rates and their implications. What are the effects of COVID-19 on interest rates? When, why and how far might interest rates rise? 2. Why are real wages growing so slowly? 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? 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 2020-21? What are the economic activity benefits and risks of these policies? Should we be concerned about the large expansion of central banks' balance sheets? 4. Evaluate the performance of inflation targeting by the RBA. How can it be improved? Compare with some of the possible alternatives like nominal income targeting. Should the RBA be concerned about asset price inflation? Is inflation targeting still relevant in 2021 with such low inflation and almost zero short rates? Is fiscal policy now more relevant? With fiscal policy effectively targeting the unemployment rate, how does this affect monetary policy? 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. Facebook plans to introduce a digital currency LIBRA, and many central banks are considering their own digital currencies or have begun experimenting with them (eg China). How will these currencies work? Compare them to existing 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? 7. What are the most promising technological innovations now? 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? Untitled EC O N 30 11 -- E ss ay M ar ki ng R ub ric Fa il Pa ss C re di t D is tin ct io n H ig h D is tin ct io n Ar tic ul at io n of is su e Is su e is n ot c le ar ly a nd /o r co rr ec tly id en tif ie d an d/ or de fin ed . Is su e is re as on ab ly c le ar ly a nd co rr ec tly id en tif ie d an d de fin ed . Is su e is m os tly c le ar ly a nd co rr ec tly id en tif ie d an d de fin ed . Is su e is c le ar ly a nd c or re ct ly id en tif ie d an d de fin ed , p ro vi di ng so m e or ig in al /in no va tiv e/ ad va nc ed in si gh t i nt o th e is su e. Is su e is c le ar ly a nd c or re ct ly id en tif ie d an d de fin ed , p ro vi di ng si gn ifi ca nt o rig in al /in no va tiv e/ ad va nc ed in si gh t i nt o th e is su e. An al ys is a nd Ev al ua tio n In fo rm at io n an al ys ed is in su ffi ci en t, irr el ev an t a nd /o r in ap pr op ria te ; t he or ie s, c on ce pt s, fra m ew or ks , m od el s, te ch ni qu es an d/ or to ol s us ed in th e an al ys is ar e in su ffi ci en t, irr el ev an t a nd /o r in ap pr op ria te ; a nd /o r t he a na ly si s is u nc le ar a nd /o r i ns uf fic ie nt . In fo rm at io n fro m k ey re le va nt / ap pr op ria te s ou rc es is a na ly se d us in g ke y re le va nt /a pp ro pr ia te th eo rie s, c on ce pt s, fr am ew or ks , m od el s, te ch ni qu es a nd /o r t oo ls to d ev el op a re as on ab ly c le ar an d re as on ab ly c om pr eh en si ve an al ys is . In fo rm at io n fro m k ey re le va nt / ap pr op ria te s ou rc es is a na ly se d us in g ke y re le va nt /a pp ro pr ia te th eo rie s, c on ce pt s, fr am ew or ks , m od el s, te ch ni qu es a nd /o r t oo ls to d ev el op a c le ar a nd re as on ab ly c om pr eh en si ve an al ys is . In fo rm at io n fro m a b ro ad ra ng e of re le va nt /a pp ro pr ia te s ou rc es is an al ys ed u si ng a b ro ad ra ng e of re le va nt /a pp ro pr ia te th eo rie s, co nc ep ts , f ra m ew or ks , m od el s, te ch ni qu es a nd /o r t oo ls to de ve lo p a c le ar a nd co m pr eh en si ve a na ly si s. In fo rm at io n fro m a n ex te ns iv e ra ng e of re le va nt /a pp ro pr ia te so ur ce s is a na ly se d us in g an ex te ns iv e ra ng e of re le va nt /a pp ro pr ia te th eo rie s, co nc ep ts , f ra m ew or ks , m od el s, te ch ni qu es a nd /o r t oo ls to de ve lo p a s op hi st ic at ed c le ar an d co m pr eh en si ve a na ly si s. Po si tio n an d So lu tio ns A n in su ffi ci en t r an ge o f p ot en tia l po si tio ns a nd s ol ut io ns a