Using this exemplar for Assignment Task 3-Case Study This example of previous student work is designed to help you understand assessment expectations and be able to visualise what work at different achievement levels might look like. It is important to: Remember that while these examples are in response to a similar assignment, the assignment was different! Read the assignment sheet carefully so you know what the student was attempting to do in these examples and think about how your assignment is similar and different. Look carefully at the result the student achieved along with the feedback. This will help you understand what was strong and weak about the assignment. Use this as a guide only. Do not copy from an exemplar; your work must be your own. ECON11026 Assignment-3 Marking Sheet Marking Criteria Weight Overall presentation Structure and organization of the paper 1 0.75 Clarity of expression 1 0.75 Evidence of wide reading and research (in-text and end-text referencing) 1 0.5 Application of theory to practice 7 x 5 Q 1 Q 2 Q 3 Q 4 Q 5 Additional Comments Define key terms, explain key issue and problem in the case 2 1.5. 1.5 1.5 1.5 1.5 While most terms are defined, some definitions are not clear. Identify and explain assumptions 1 0.5 0.5 0 0 0 More assumptions needed to be identified and explained. Make sure these are provided for each question Provide appropriately adapted graphical illustration/s, tables with explanation 1.5 1.5 1 1.5 0.5 1 Useful graphs are provided in most sections. Make sure these are thoroughly explained, analyzed & placed appropriately in context of the sections. Provide critical analysis of the question drawing theory from relevant chapter topics 2.5 1.5 2 2 2 2 While analysis was present, it needed to be in more depth for full marks. Provide conclusions of the case, highlighting overarching economic issues 2 1.5 Final mark Assessment 3 Total 27/40 3.5 5 5 5 4 4.5 Additional Comments: This assignment has strengths and weaknesses for you to consider when using it as an example. Throughout the text, comments have been added to help you see these within the work. Strengths: In the main, graphs were used effectively to support key points. The students writing is usually clear and grammatically accurate. The student shows evidence of outside research and generally defines terms effectively. The introduction and conclusion were well developed and at a higher standard than the assignment as a whole. The student has demonstrated good understanding of aspects of the theory although analysis is sometimes weak or confusing. Areas for improvement: o The structure could have been improved. While the assignment did respond to the topics/questions in order, graphs should be presented within each section rather than at the end in separate analysis section and within the conclusions. The student needed to make sure the DADA framework was followed in each section. o The student could have done a better job at linking answers together. Remember, you are building a case rather than just responding to a series of questions. o While the student has completed outside research, at times she used non-academic sites (e.g., Investopedia). For your own research, rely on academic journals and official sources like the RBA and ABS websites o Websites are not correctly cited using APA o While the student provides graphs, these are not explained or analysed in much depth. o The student could have done a better job at addressing all aspects of the questions. It is important to carefully unpack questions to make sure you fully respond to each aspect. Assignment Introduction This case study was about the monetary policy decision made on May 3rd this year as discussed by Glenn Stevens from the Reserve Bank of Australia (RBA) in a media release. The statement talked about the decision the board made to lower the cash rate by 25 basis points to 1.75 percent which was took effect on 4 May, 2016. The media release also contains information showing unexpected lower inflationary pressures. The media release talked about how the RBA decision was based on unexpected low inflationary pressures. These included: revised forecasts on the global economy, improved conditions on past year indicators, and difficult conditions in the emerging market economies. Other factors included Chinas moderate growth rate for the first part of the year and their policymaker actions that support the near-term outlook, along with recent lows from commodity prices followed by substantial declines. There was also improved sentiment in financial markets, and the continued uncertainty about the global economic outlook, and policy setting among major jurisdictions, even though the monetary policy remains accommodative on a global scale. The case mentions economy rebalances from the mining investment boom in Australia. These include: GDP growth, low inflation, accommodative monetary policy, and low-interest rates supported by demand. It was important for the RBA to consider how the trade centre has been held up by the lower exchange rate, how credit has been growing at a moderate pace to households and businesses and how an appreciating exchange rate could complicate these factors. The release also discusses the development of housing markets and the supervisory measures that strengthen its lending standards and which lead to less intense price pressures and explains how these low interests rates are less than what they were a year ago. The media release then concludes by sharing a key assumption which was a basis for the RBA decision: that easing the monetary policy will improve the economy because of the prospect of its sustainable growth. This, in turn, will lead to inflation remaining within its target range over time. The Key Macroeconomic objectives and the Effect of change in Money Supply on Interest Rate Macroeconomics is a division of economics that studies the behaviour of the aggregate economy; it examines the variety of economy-wide objectives such as inflation, changes in unemployment, economic growth and the business cycle, circular flow of national income, and gross domestic product ( Investopia 2016). Gross Domestic Product (GDP) is the value of all final goods and services produced within a nation within a time frame and comes in two forms such as nominal GDP valued in average Commented [A1]: This is an effective introduction because it outlines many of the key factors impacting upon the global and Australian economies at the time of the case. Commented [A2]: This is an example of a theory based assumption Commented [A3]: In this section, the student is addressing Topic/question 1: Question 1: What are the key macroeconomic objectives? What is the effect of change in money supply on interest rate? Student should have explained the objectives. Commented [A4]: The student is correct. All these measure the health of the economy. However the student should have elaborated on each. The next step is to demonstrate how interest rate decisions (to increase / or decrease) are related to these macroobjectives/goals Commented [A5]: The student should have only used scholarly peer-reviewed publications / ore textbook and not Investopia/ or Wikipedia. Commented [A6]: Here GDP is effectively defined, an example of the D from the DADA model. However, it is important to also define the other macro objectives and explain the relationship between them. price level at any year and real GDP esteemed in relations of a constant price level. Both must be calculated to avoid the error of double counting of intermediate goods as noted by Sloman et al. (2014, p. 204). Inflation is a general increase in prices throughout the economy; unemployment is when people dont have jobs and unemployment benefits can put a strain on the government revenues. Money supply is a mean of medium exchanged and evaluation and storing of wealth (p. 257). It is not cash but deposits in banks and other financial institution and is the main piece of a nations money supply (Sloman et al., 2014 p. 256). It can be assumed that supply of money is totally independent of interest rates which are under monetary control and some believe that money supply is exogenously determined by the central bank while others are endogenous where the supply of money increases with higher interest rates (Sloman et al., p 267). The lowered cash rate could mean that the money supply is large. The graph below shows money demand given by MDo and the money supply Mso, the equilibrium rate at r0 if RBA wants to raise its interest rate to r1. Because money supply is unchanged at the r1 higher interest rate, b and a show the excess money supply. When the interest rate increases, money supply decreases, thus shifting it to the left, to Ms1. The opposite effect occurs when the interest rates decrease. Money supply increases, thus shifting the curve to the right, to Mso. MONETARY CONTROL Figure 1: How Monetary Control influences Interest Rates / Original Source: Sloman et al., 2014, p. 303 (Drawn via MyEconLab and edited by paint) For example, most homebuyers dont have $500,000 to buy homes and must borrow these funds. Interest rates determine borrowing costs; in most cases money is loaned by financial intermediaries like banks. Banks dictate the money supply and money is cheaper to borrow Commented [A7]: This definition is not very clear. It is not a definition of money supply. These 3 are the functions of money. Commented [A8]: Here the student begins to shares some key assumptions, the A from the DADA model. More assumptions need to be shared/listed and explained here. Commented [A9]: Here the student provides a correct graph, providing data to address the second D from the DADA model. The students response would have been improved if he/she more thoroughly explained the graph and showed both increase and decrease of money supply and its effect graphically, in context of the case. Commented [A10]: These final two paragraphs provide some analysis, the final A in the DADA model. The students response could be improved by going into more depth about how and why these examples and the data from the graph show macroeconomic factors at work, and how they are useful for determining the RBAs monetary policy each month. when there is more of it. Interest rates also reflect the risk premium and the level of risk factors the lenders will accept as they chose a rate that will pay back. When the RBA decreases interest rates, it encourages consumers to spend and to invest, thus leading to an increase in AD and economic growth (Sloman et el., 2014, p. 210). Businesses have increased sales because of extra spending. Real estate firms get more clients who can now borrow money from the bank and purchase their home knowing that the interest rate is low, leading to lower mortgage payments. Low-interest rates will reduce the incentive to save, but borrowing becomes cheaper, and there is a depreciation in the tax rate. Economic Growth and Determinants of Long-run Economic Growth There are two kinds of economic growth: actual growth and potential growth. Sloman et al., (2014) explain that actual growth is the annual percentage increase in national output produced. It is also a sustained expansion of production possibilities measured as the increase in real GDP in a given time (McTaggart et al., 2003, p. 444). McTaggart states that a one-shot rise in real GDP or a recovery from recession isnt economic growth. (p. 449). The published statistics on real GDP growth rates refer to actual growth, and potential growth is the annual percentage increase in the capacity of the economy to produce at which the speed the economy could grow. (p. 211). McTaggart notes potential GDP is the level of real GDP which is determined by the aggregate production function and aggregate labour market which is why it is sustained by year after year increase. The forces behind this are labour, capital, land and entrepreneurship (p. 449). Governments try to achieve stable growth, avoiding recessions and excessive shortterm growth and attempting to achieve high rates of economic growth over the long term. Lastly, the balance of payments is a nations record of financial transactions together with the world (Sloman et al., 2014 pp. 204-206). Australias economic growth has been steady for the last 110 years as seen in the figure below; it was slowest in the war years and fastest after the war. ECONOMIC GROWTH IN AUSTRALIA Commented [A11]: One of the strengths of this section is that the student did follow the DADA format, even though the response still needed more development. Commented [A12]: In this section, the student is addressing Topic/Question 2: Define economic growth. What are the determinants of long-run economic growth? Is low interest rate of 1.75 percent since May 2016 sustainable to achieve long-run economic growth? Yes/No, justify your answer with reasons. It may be helpful to put headings in bold font Commented [A13]: The student could have shown PP graph to explain this growth and the three factors that cause economic growth. Commented [A14]: This is an example of an effective definition. The student has also drawn on two different sources. Commented [A15]: It would have been very effective if the student had also included a graph of Australias growth statistics for the last 5 years from the RBA website, then explained what this shows about growth. Commented [A16]: This paragraph only hints at assumptions. Rather than just paraphrase the textbook, the student needs to show evidence of their own thinking too. Commented [A17]: This is a good start at explaining the graph, but needs further explanation. Why did war slow growth? As we are discussing a modern case, it is important to focus more on the economic performance for the last decade (since the GFC in 2008 onwards). Figure 2: Australias 110 years Economic Growth Rate / Source: McTaggart, D., Findlay, C., Parkin, M., 2013 The determinants of long-run economic growth are: o the growth of productivity (ratio of economic outputs to inputs: capital, labour, energy materials and services, the lowered cost of goods when productivity increases) o demographic changes (quantity and quality influences the economic growth by changing the employment to population ratio, population age structure influences employment in the long-run growth, natural resources may be more/less available depending on population demand) o labour force participation (influence economic growth by the size of economic sectors and the amount of labour force participation due to low birth and death rates in Australia). The economy continues to grow and thrive when the economic growth matches the growth of money supply. (Boundless, 2016). Is RBAs low-interest rate of 1.75 percent since May 2016 sustainable to achieve longrun economic growth? For growth to be achieved, policies come into play. The Reserve Bank of Australia has a responsibility for developing monetary policies which will lead to long-run economic growth. They argue that this policy achieves short-term interest rates to attain domestic policy objectives. (RBA, 2016). The RBA reveals three objectives that were established in the Reserve Bank Act 1959 which are: stabilising Australias currency, maintaining the countrys full employment and supporting the welfare of the Australian people and its economic prosperity (online). Commented [A18]: The ABS or RBA website would have been able to provide more recent data (2015-2016) that would be more appropriate to the case you are considering. Commented [A19]: Reference is required for the 3 points above. While the student addressed the first part of Question 2 (determinants of long-run economic growth), she does not sufficiently address the second part (how low interest rates help to achieve long-run economic growth). Answers to both parts of the question would be stronger if graphs were included. There is minimal analysis provided here. Also, Boundless is not an appropriate academic source. Commented [A20]: In this section, the student is responding to Topic/Question 3: Explain the key functions of money and the functions of Reserve Bank of Australia. Illustrate and explain how equilibrium in the money market is determined? Commented [A21]: Proper citation of the RBA website is needed here. Incorporation of more recent data is important. The interest rate was lowered to 1.75 percent in May 2016 with the intention of accomplishing sustainability in the long-run economic growth. Even though critics disagree about the decision to reduce the cash rate, it seems that Australia has had a nonstop growth for the last 26 years, each year has a continued rate decline since 1990. CASH RATE GRAPH Figure 3: RBA Cash Rate Graph 25 years / Source: RBA The low rates seem to keep the economy in stable growth and keep inflation from hyperinflation. RBA mentions that it keeps its inflation down to 2 -3 percent because of international evidence about what has happened to other countries who have had high rates with little to no economic growth, especially post-war times. Although the mechanical relationship isnt there, it is used as evidence that low rates keep growth over long periods of time. (RBA Objectives, online). The Key functions of money and the functions of Reserve Bank of Australia. Money acts as a means of payment where a debt is settled (McTaggart, 2013). It serves three functions: medium of exchange (any object accepted in exchange for goods and services, e.g. barter exchange), unit of account, or a means of evaluation (Sloman et al., 2014, p. 256). It can be an agreed measure for stated price of goods and services (e.g. giving up a movie for a cup of coffee) and a store of value (can be held and exchanged later for goods and services, e.g. a car or house or boat as commodity token) (McTaggart et al., 2013 p. 494-95). Financial intermediaries like banks store money. For this case, well be focusing on the Reserve Bank of Australia (RBA). The RBA is Australias central bank. Like a normal bank, it accepts deposits, makes loans, and accepts investment (McTaggart et al., 2013, p.498). However, it is independent of the government, and its board makes decisions on monetary policy, interest rates as mentioned before, and oversees the whole of the monetary system including ensuring that banks and other financial institutions operate as stably and efficiently as possible (Sloman et al., 2014, p. 262). The RBA has three special functions: it is the banker to banks and government, lender of last resort, and sole issuer of bank notes (McTaggart et al., 2013, p.498). It also holds the official foreign currency reserves (Sloman et el., 2014, p. 262). Commented [A22]: This information is not actually accurate. The student also needs to avoid making normative statements (value judgements like seem) and instead stick to what can be proved by data. Commented [A23]: It is important to properly reference this website. Commented [A24]: Here the student was addressing Topic/ Question 4: Critically analyse the statement made by Governor of RBA Mr. Glenn Stevens regarding the expansionary monetary policy decision made in May 2016, to lower the cash rate by 25 basis points from 2 per cent to 1.75 per cent. Why did the RBA lower the cash rate? Note: use GDP, inflation, and interest rate data which can be obtained from the Australian Bureau of Statistics and RBA for the last 10 years to see the trend of interest rate, inflation GDP and unemployment to answer this question. Commented [A25]: It would be more effective if the student had explained first the three main functions of money and then the five functions of RBA make sure you elaborate on the context of the case. In this section, the student also needed to provide some assumptions and data to support their argument. Commented [A26]: The graphs in the conclusion would have been better placed here to help respond to this topic. The Determination of Money Market Equilibrium RBA influences Australias economy by changing its interest rate, thus changing money supply as mentioned earlier. The change in money supply and demand then leads to an equilibrium in the money market. This equilibrium is shown below via the drawn graph. Figure 4: Drawn Money Market Equilibrium / Original Source: Sloman et el., 2014, p. 271 The equilibrium occurs only when money demand (MD) is equal to money supply (Ms). Interest rate (Re) changes can determine the equilibrium quantity of money (Me). The redrawn money making equilibrium figure below shows a real life example from the RBA back in the 1970s-80s the equilibrium rate of interest (7% and 6%) and the equilibrium quantity of money ($900 & $950). As the rate increased to 7%, people had money balances surplus to their needs and therefore used this to buy stocks, shares and other assets (Sloman et al., p 271). As the rate fell by 1%, the money supply contracts, the MS moved down, causing an increase in the demand for money by $50 billion. Sloman et al (2014, p. 271) notes that a shift in either the MS or MD curve leads to a new equilibrium quantity of money and the interest rate at the new intersection of the curves. Commented [A27]: In this section, the student addressed Topic/ Question 5: What will be the effect of lowering the cash rate in the near future on consumption demand, business investment, GDP, inflation and housing market in particular? Justify your answer with examples. Note: Students need to give their own views supported and justified by few references and examples. Commented [A28]: This should be defined. Commented [A29]: While there is a graph, there is not much explanation of it. The graph is also incomplete. The student should have drawn the shifts in the money supply curve not just bold arrows. Commented [A30]: While a graph has been included, it would be far more effective to use modern data from 2010 onwards. Figure 4: RBA Equilibrium in the Money Market / Original Source: Hubbard Monetary Money Policy Power Point Presentation, Monetary Targeting, p. 23 (Redrawn using MyEconLab) However, McTaggart et al. (2013) notes that the decreased quantity of money causes increases to interest rates, increasing customers cost of borrowing from banks(p. 511). Case Study critically analysed The Governor of the RBA, Mr Glenn Stevens, was probably brought to the decision to decrease the cash rate from 2 percent to 1.75 percent as part of the banks regulations to avoid future financial crises. Banks can attempt to safeguard themselves by holding more bank capital and reserves (liquid assets). This forces the bank to have a restricted amount of loans and reduces losses from bad loans, although this may increase bank costs as the banks supply of loans is reduced. Bank loans create access to money so if bank loans are decreased, the quantity of money circulating is decreased, causing an increase in interest rates and increase in customers cost of borrowing from the banks (McTaggart et al., 2013, p. 511). This is the opposite effect (increased rates cause a shift to the left) from that depicted in figure four above. According to the ABSs GDP summary, the economy grew by 5.0%, consumer consumption contributed 0. 6% to growth in GDP, private non-financial corporations gross operating surplus increased 2.9%, compensation of employees increased 0.5%, and terms of trade increased by 2.3% in seasonal adjustments (ABS Online ). ABS also recorded that GDP for . (Online, No. the June quarter 2016 increased by 0.5% and by 3.3% through the year5206.0) Commented [A31]: It would be more relevant to use data from 20056to 2016 given the focus of this assignments is on a recent RBA decision. Explanation should be in current context 2015-2016 based on the case and Australian economy. This figure is from the 1970-1980! Commented [A32]: While this organisational structure can potentially work, it is best to keep all parts of the DADA analysis together so definitions are followed by assumptions, data, and analysis. This allows the reader to have all the information they need to understand you close at hand. Commented [A33]: Here is an example of an assumption, based on theory, that the student is using to build their case. Commented [A34]: Here the student is providing evidence of outside research from the ABS website to help build their case. Commented [A35]: This is not referenced correctly. Commented [A36]: Here the student effectively uses current data. Commented [A37]: This is not an example of a correct intext citation. Figure 5: 14 Years GDP Percentage Changes and Industries that Contributed to Economic Growth / Source: ABS RBAs chart below gives evidence that this low cash rate has resulted in decreased unemployment around 5.9% and an increase in employment around 67%. Figure 6: Australian Employment and Unemployment Rate / Source: RBA Chart Pack, online pdf, p.11 Below are graphs depicting Australian GDP growth, CPI, and inflation from 1996 to 2016 (20 years) of trends, each in a relationship with the cash rate given by RBA. Commented [A38]: This is a very appropriate graph to include as evidence. It provides very recent economic data and comes from a credible source. Student also needs to explain the graph and provide some analysis. Commented [A39]: These graphs would really have helped the student respond to Topic/question 4. Figure 7: Australian Inflation and GDP Growth / Source: RBA Chart Pack, online pdf, p.4 It is evident from the above figures that low-interest rates result in low inflation (down to one digit), and low but steady economic growth in the long-run. This led to decreased unemployment with a slow decline from 2015-16, and leads to increased AD. Pettinger (2016) points out that the increase in AD may also cause inflationary pressures, which is probably why the cash rate for May was lowered to help support slow and steady (sustainable) economic growth. Own View of the Effect of lowering the cash rate in the near future on consumption demand, business investment, GDP, inflation and the housing market in particular? Lowering the cash rate in the near future on housing market will help those with home loan payments save hundreds of dollars. These lowered rates apparently have been supporting the domestic demand. Stevens reveals that the likelihood of lower interest rates exacerbating risks in the housing market has diminished (RBA, 2016 August Statement). RBA cannot depend on the assumption that all banks will take on the cash rate change. The rate keeps inflation low ensuring theres no hyperinflation. As discussed before, GDP had a slight rise this year (slightly higher than 2015), demonstrating that all final goods and services produced have increased (Sloman et al., 2014, p. 204). Banks may reluctantly accept the interest rate change or not; however, if they do not pass on rate cuts, they risk their image and losing customers. Businesses, particularly retail stores, support rate cuts as they mean consumers Commented [A40]: This is not actually a correct interpretation of the graph. Commented [A41]: To improve, the student could have critically analysed the statement made by Governor in context of the current Australian macro-economic goals and data. The student has begun to demonstrate why the RBA lowered the cash rate by providing useful data (trend of interest rate, inflation GDP and unemployment) but still needs to explain more specifically how these data influenced the RBA decision. Commented [A42]: This isnt a correct use of the term as hyperinflation is caused only with printing money, resulting in too much money circulating in the economy and fall in the value/purchasing power of money. will want to spend more which means we the consumers wont be saving as much. It can be assumed that these rates are lowered to combat possible recession. According to RBA Monetary Policy Statement, Emerging market economies are facing increased difficult conditions. This is probably from overseas markets losing out on selling their products as Australians focus more on buying local products (exports) and buy less overseas (imports). To the left is a redrawn figure showing these effects in its simplest form, the opposite effects would take place if the cash rate were increased. Obviously, this cash rate is affected by RBAs monetary policy which is only effective when the RBA intervenes in the money market which then needs to ensure that this same rate is also the equilibrium (Sloman et al., 2014, p. 303). The RBA strives to keep its rate in the range of 2% 3% although in this case study the rate is below that and has decreased further to 1.50% on August 3rd, 2016 (RBA August Statement). Conclusion Decisions about the cash rate are made after monitoring the inflation rate and other factors that influence inflation. Rates are set to keep inflation inside its current target over a business cycle (McTaggart et al., 2013, p 664). The inflation targets determined the RBAs decision to lower its cash rate. When they lower it, as they did in this example, they are acknowledging a down-side risk to other international Figure 8: Redrawn Ripple Effects of a Change in Cash Rate / Original Source: McTaggart et el, Monetary Policy Transmission, p. 651 Figure 9: World Economy statistics / Source: RBA Chart Pack, online pdf, p.5 Commented [A43]: This example doesnt really demonstrated the effect of lowering the cash rate in the near future on consumption demand, business investment, GDP, inflation and housing market in particular. Give your own views supported and justified by few references and examples. Commented [A44]: Here the student has identified a key assumption. Commented [A45]: This is an effective diagram of monetary transmission mechanism. Commented [A46]: This conclusion is quite effective because it provides overarching conclusions within the context of the global trading partners. The student needs to keep working on putting ideas into their own words using economic terminology and interpreting the monetary policy decision. economies of a possible recession and slow growth. For instance, China and India GDP growth have declined from 8% to around 7% compared to advanced economies like Japan, the European Union, and the US, which have lower growth of less than 4%. This could be the very reason the reserve bank lowered its cash rate, not only to prevent a recession but also to increase aggregate demand. Even though there may be fluctuations, at least when we take a step back at look at the history, these short-term fluctuations take on less impact. These show from previous evidence that the Australian economy tends to experience long-term economic growth and not longterm economic decline, proving that all developed nations are richer to what they were 30 years ago (Sloman et al., 2014, p. 311). Commented [A47]: This part could have been used in the introduction. Commented [A48]: Here the student is starting to explain and justify the reserve bank decision. There is room for improvement and assignment could have been well structured providing a logical flow References Australian Bureau of Statistics. (2016, September 7). June Key Points GDP Summary. Retrieved from http://www.abs.gov.au/ausstats/abs@.nsf/mf/5206.0 Australian Bureau of Statistics. (2016, September 7). Analysis and Comments. Retrieved from http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/5206.0Main%20Features2Jun% 202016?opendocument&tabname=Summary&prodno=5206.0&issue=Jun%202016&nu m=&view= Boundless. (2016). Determinants of Long-Run Growth. Retrieved from https://www.boundless.com/economics/textbooks/boundless-economicstextbook/economic-growth-20/long-run-growth-99/determinants-of-long-run-growth- 371-12468/ Hubbard et el. (n.d). Essentials of Economics. Chapter 16 Monetary Policy. Pearson. Retrieved from ftp://ftp.adelaide.edu.au/pub/users/a1064959/Hubbard%20Monetary%20policy.pp Investopia. (2016). Macroeconomics. Retrieved from http://www.investopedia.com/terms/e/economy.asp Investopia. (2016). Interest Rates. Retrieved from http://www.investopedia.com/terms/i/interestrate.asp Investopia. (2016). Money Supply. Retrieved from http://www.investopedia.com/ask/answers/040715/how-does-money-supply-affectinterest-rates.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 McTaggart, D., Findlay, C., Parkin, M., (2013). Macroeconomics: seventh edition: Chapter 20 Economic Growth: Pearson. McTaggart, D., Findlay, C., Parkin, M., (2013). Macroeconomics: seventh edition: Chapter 22 Money, the Price Level and Inflation: Pearson. Pettinger, T. (2016). Effect of Lower Interest Rates. Economics Help Helping to Simplify Economics. Retrieved from http://www.economicshelp.org/blog/3417/interestrates/effect-of-lower-interest-rates/ Rate City Smarter by Comparison. (2010). Cash Rate=Interest Rate. Retrieved from http://www.ratecity.com.au/home-loans/articles/cash-rate-interest-rate Commented [A49]: This student has examined a wide range of sources, which is good. However, to get a high result, only reference academic sources (i.e., journal articles, text books, official government or scholarly websites). Commented [A50]: Follow APA referencing style, and do not duplicate reference , if you have used the same textbook. Commented [A51]: This is incorrect Commented [A52]: Use only scholarly peer-reviewed publications Commented [A53]: Duplication and pay attention to referencing style, comma before bracket not required, where is & (and before Parkin) Commented [A54]: Date retrieved? Reserve Bank of Australia. (2016). Chart Pack. Factors of Production and Labour Market. Retrieved from http://www.rba.gov.au/chart-pack/pdf/chart-pack.pdf Reserve Bank of Australia. (2016). Chart Pack. Australian GDP Growth and Inflation. Retrieved from http://www.rba.gov.au/chart-pack/pdf/chart-pack.pdf Reserve Bank of Australia. (2016). Monetary Policy. Retrieved from http://www.rba.gov.au/education/monetary-policy.html Reserve Bank of Australia. (2016). About Monetary Policy. Cash Rate Graph. Retrieved from http://www.rba.gov.au/monetary-policy/about.html Riley, G. (2011). As Macro Key Term: Inflationary Pressure. Tutor2U Economics Blog. Retrieved from http://www.tutor2u.net/economics/blog/as-macro-key-term-inflationarypressure Sloman, J., Norris, K., & Garrett, D. (2014). Principles of Economics: fourth edition: Chapter 9 Introduction to Macroeconomics. Pearson. Sloman, J., Norris, K., & Garrett, D. (2014). Principles of Economics: fourth edition: Chapter 10 The determination of Gross Domestic Product. Pearson. Sloman, J., Norris, K., & Garrett, D. (2014). Principles of Economics: fourth edition: Chapter 11 Banking, money and interest rates. Pearson. Sloman, J., Norris, K., & Garrett, D. (2014). Principles of Economics: fourth edition: Chapter 12 Inflation. Pearson. Sloman, J., Norris, K., & Garrett, D. (2014). Principles of Economics: fourth edition: Chapter 13 Macroeconomic Policy. Pearson. Commented [A55]: This is not the way to reference. This is the same textbook referenced 4 times. If you have taken direct quotes and figures from the same textbook, then provide in-text referencing within the body of the text or in direct quotes with author, year and page number or figure number. Then include only one reference to the textbook here.
This example of previous student
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