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Economic Policies & Mngmt - Coggle Diagram
Economic Policies & Mngmt
THE OBJECTIVES OF ECONOMIC POLICY
The Objectives of Economic Mngmt
Economic growth and quality of life
Full employment
Price stability
External stability
Environmental sustainability
Distribution of income
The Goals of Gov't Policy in 2022
Economic Recovery
Reducing UE
Increasing productivity & the sustainable rate of growth in the long term
Maintaining low & stable inflation
Two-phase approach to fiscal policy
Improving the distribution of income & wealth
Promoting env’l sustainability
Conflicts in Gov't Policy Objectives
Economic growth vs inflation
Unemployment vs inflation
Environmental sustainability vs Economic growth
Economic Growth vs Lower Inequality
Economic growth vs External Stability
Short-term gains vs Long term needs
The Economic Policy Mix
Macroeconomic Policies
Microeconomic Policies
The need for a mix of policies
MONETARY POLICY
The Impact of Changes in Interest Rates
Transmission Mechanism
The Objectives of Monetary Policy
Inflation Tgtg
Stance of MP
Before, During & After Covid-19
Introduction
Role of the RBA
The Implementation of Monetary Policy
Domestic market operations
Transmission of the cash rate to other interest rates
Policy rate corridor
Unconventional monetary policy
Exchange settlement accounts
MICROECONOMIC & ENV’L POLICIES
Microeconomic Policies & Ind’l Industries
National Competition Policy
Future of Microeconomic Policy
Reforms to Public Trading Enterprises
Corporatisation & Privatisation
Overall Impacts
Deregulation
Continuing Regulation
Transport + Telecommunications
Fin'l & Ag'l sector
Env’l Mngmt Policies
Regulations
Mkt Based Policies
Targets
Int'l Agreements
Microeconomic Policies & Aggregate Supply
LABOUR MARKET POLICIES
Dispute Resolution
Concilliation & Arbitration
Role of the FWC
Industrial Disputes
Decentralisation of the labour market
Arguments for and against the use of centralised, decentralised and individualised methods of determining employment contracts
Australia’s Wage Determination System
Education, training & employment programs
Education & Training
Labour Market Programs
Role of National & State Industrial Systems
History
Why gov’ts intervene in labour markets
Evaluating labour market outcomes in Australia
Performance of the system
EFFECTIVENESS & LIMITATIONS OF ECONOMIC POLICY
Evaluating the Effectiveness of Economic Policies
Economic Mngmt in Australia: Past, Present & Future
Macroeconomic Mngmt
Microeconomic Mngmt
An Overview of the Effectiveness of Economic Management
Paradigm shift in Economics
Outcomes for growth, inflation, UE & external balance
Limitations of Economic Policy
Time lags
Global influences
Political constraints
FISCAL POLICY
Changes in Budget Outcomes
Non-Discretionary
Automatic Stabilisers
Discretionary
The effect of budgetary changes
Methods of Financing a Deficit
Using Budget Surpluses
Other Methods
Borrowing from the private sector
Public sector borrowing & debt
Budget Outcomes
How to Measure the Budget Outcome
Underlying
Headline
Fiscal
Net Operating
Surplus, Deficit or Balanced
Current Stance of Fiscal Policy
Cyclical & Structural Factors
Before, During & After Covid-19
The Meaning of Fiscal Policy:
What is Fiscal Policy & how it works
The Federal budget
Impact of Recent Fiscal Policy
Allocation of Resources
National Savings & CAD
UE
Env'l Sustainability
EG
The rationale for macroeconomic policies – stabilisation and shifts in aggregate demand