2304AFE : Critically Assess the Impact of the COVID19 Crisis The CVC - Economics Assignment Help

Assignment Task:

Task:

Critically assess the impact of the COVID19 Crisis (the CVC) on the Australian economy and the fiscal and monetary response to it. Your assignment should address the following questions:

(i) What impact did the CVC have on the economy with reference to key macroeconomic variables, including GDP, unemployment, inflation, budget deficits and public debt? (20 marks)

Use data in chart/table form to explain and illustrate the behaviour of the key macroeconomic variables pre-CVC and post-CVC. Such data is available from the websites of the Australian Bureau of Statistics, Reserve Bank of Australia, International Monetary Fund, OECD, Australian Treasury and the Parliamentary Budget Office.

(ii) How was fiscal and monetary policy used to counter the macroeconomic impact of the CVC? (20 marks) Use analytical tools you have learned this semester to explain the operation and effectiveness of the fiscal and monetary policy responses. (Hint: both AD and AS were affected).

(iii) How will the CVC influence economic growth in the long term? (10 marks)

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